Jan 27th, 2012 | By Dr Jerry D Elrod | Category: Senior Moments Blog

Who Will Need Long Term Care Insurance?

Best estimates currently are that 60% of senior citizens over 60 will need long term care in their lifetime.  Those seniors at risk for early onset Alzheimers and Parkinsons will likely need care before the age of 60.  Seniors everywhere need to look seriously at purchasing long term care insurance.

SCJ’s advice is that before one more day passes, set up an appointment to apply for Long Term Care Insurance coverage.  The sooner you explore this option, the more likely you are to be very pleased with your intelligence and foresight.  Waiting or putting off the decision will simply cost you more in the future. Or, it will create less likelihood of your being accepted.

The process is simple.  Go to your primary care physician and have a conversation with him/her about the advantages of long term care, the likelihood of your needing it, the wisdom of your investing in such a policy both for yourself and your partner.  When you have the information that helps you to proceed comfortably, then make an appointment with a reputable company.  You can find many options simply by using your search engine online with the terms “long term care insurance”. It is always a good idea to check with trusted friends and family members regarding their recommendations and experience with long term care insurance.

Penny-Wise vs Pound Foolish

If your health is good, all the more reason to act quickly.  The more your health picture is compromised, the less likely you will be to be approved. When I applied, there had been enough health issues show up on my record that the chances of my qualifying had already become an issue.  My application was denied; if I had applied just six months earlier, it would have been approved.

Mother, who is now in her nineties, applied and received approval before any major health issues surfaced.  Her health record, in spite of several broken bones, did not work against her.  She is now enjoying the fruits of her investment as she lives in a skilled nursing home center partially funded by her long term health care insurance policy.

Further, when applying, always include the inflationary rider.  Costs will rise.  You don’t want to be caught in a static position when you can include anticipated cost of living increases.

Long term health care insurance is just a good investment for all of us seniors.

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  1. [...] Senior Citizen Decisions – informative page giving a balanced look at the decision that people need to face in regards to senior citizen long term care. [...]

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