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Are You Healthy and Young -- Now is the Time to Consider Long Term Care Insurance

Jun 17, 2008
In your twenties, thirties or forties and healthy? Now is the time to consider long term care insurance while you can qualify for preferred rates, which is a code word for substantial discounts, due to both your age and your perfect health.

Long term care insurance is just not for the old. How many persons do you read about that have been injured in car or sporting accidents? In many cases these are young people. Who takes care of these young people when they are seriously injured and require days, months or years of care? In many cases their parents or family members are seriously affected financially and personally in order to care for them.

Now comes into play the benefits of long term care insurance for younger adults. If an adult has long term care insurance, this insurance will pay for and provide required care for days, months or years. And in some cases, depending on the company, the monies available for an injury due to an accident are double the normal cost of available care.

Many younger individuals taking out a long term care insurance policy also purchase an addition to their insurance called restoration of benefits. For example if an individual is in a serious accident, requires care for a period of time and then fully recovers, the entire policy benefit is reinstated once so that it can be used again when the individual is older and requires care. It is a win -- win situation providing the best possible solution.

The average age most people begin to consider long term care insurance is in their fifties. The difference in premium between a twenty something and a fifty something can be significant. I often hear concern that a person will be paying premiums for the rest of their life or until they need the insurance. Consider an annual premium of $600 for 60 years versus an annual premium of $2500 for 30 years. Who pays less in total premium? Compare $36,000 versus $75,000. In either case the premium will be recovered in one year or less of care, assuming the policy was purchased with inflation protection.

And while you are considering long term care insurance. Talk to your parents. If they have not prepared financially for health care or long term care guess who will be expected to help out? It is the reverse of your parents helping you with a health care accident when you are young. Paying for care for parents is the number one cause of financial distress for children. This expense affects employment, marriages and long term retirement prospects. If your parents cannot afford their long term care insurance premium, consider splitting the premium or paying for it entirely. This will give you peace of mind that your years of hard earned money will not disappear in the blink of an eye when your parents need care.
About the Author
Pamela D. Wilson, CSA, specializes in healthcare and aging for individuals and older adults. Contact her at The Care Navigator or visit The Care Navigator Blog for free information
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