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Should I buy insurance for my long term care planning?

Long term care planning is often done in a mad dash to help an elderly New York family member who has suddenly fallen ill. However, it is always best to complete one's long term care planning well in advance of when it needs to be used. Indeed, the earlier one takes care of this important life issue, the more money one will save further on down the road.

Long term healthcare insurance is an important part of many individuals' long term care plans. This insurance helps individuals pay for assisted living and nursing home bills. It helps pay for at home healthcare received by an individual as well. Also, the earlier one buys long term care insurance, the cheaper it is likely to be. For example, the average premium for long term care insurance is $1,831 for those under the age of 55. Meanwhile, for those over 75, the average premium is $4,123.

While this kind of insurance might appear costly, for many individuals it could be a very good investment in the long run. Policyholders can also adjust their benefits in order to reduce their insurance premium costs. For example, one might choose to eliminate inflation protection and other benefits from their policy, or a couple might choose to purchase a shared policy in order to reduce their total premiums.

By evaluating a New York resident's financial situation, estate planning goals and level of health, suitable long term care planning solutions can be determined for just about any situation. Long term healthcare insurance may not be the right choice for everyone, but if one has the income or finances to afford it and if one is the right age, then the security and benefits may far outweigh the upfront costs.

Source: Reading Eagle, "The chaotic market for long-term care coverage" Sep. 16, 2014

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