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Researching & Purchasing Long-Term Care Insurance

Are you getting ready to retire? If so, you are likely looking forward to finally having enough free time to travel and spend more time with the loved ones in your life. And while your years of hard work are about to pay off, it’s also important that you consider purchasing long-term care insurance. However, you don't want to buy just any long-term care insurance plan. In fact, researching this area is crucial so you can properly plan ways to afford it.

How Much Does Long-Term Care Insurance Cost?

According to Forbes, only 8% of Americans have long-term care insurance policies. This is attributed to the ridiculously expensive cost of long-term care. While many individuals plan to rely on Medicare during their retirement, it’s important to note that Medicare doesn’t generally cover long-term care expenses.

Forbes also points out that individuals over the age of 65 have a 52% chance of needing long-term care services and support in their lifetime. If you end up requiring private nursing home care, it’s important to know the average annual cost is around $92,000. Although in-home health aides are cheaper, the average annual cost is around $46,000.

Although nearly half of senior citizens will end up needing long-term care, many are denied coverage because they wait too long to get a policy and their age or health renders them ineligible. The American Association for Long-Term Care Insurance (AALTCI) notes that 23% of applicants between ages 60 and 70 were denied coverage in 2010, while 14% of people in their 50s were denied as well. According to the AALTCI, you should try to apply for long-term care insurance in your mid-50s if you want to “health-qualify” for coverage.

The following health issues can result in you being denied for long-term care insurance:

  • Progressive Neurological Conditions
  • Metastatic Cancer
  • Dementia or Cognitive Dysfunction
  • AIDS

Consult With Qualified Financial Advisors

At Kitzke & Canfield, LLC, our dedicated legal professionals in elder law are here to help you plan for the future. If you are considering purchasing long-term care insurance, but are not quite sure where to start, please don’t hesitate to reach out to our firm to get assistance from qualified financial advisors. Long-term care insurance plans vary depending on your situation, and there might be alternatives that better suit you. Speak with us to get valuable advice from our experts so you can feel confident and make informed decisions.

We are available to answer your questions and help you devise a strong strategy that will protect your best interests. To schedule a consultation, please give us a call today at (262) 214-6827.

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