Reasons to not delay the purchase of long-term care insurance

At some point, you may find that you need some type of care that your family cannot provide. If this happens, it is nice to have a long-term care insurance policy that can pay for some or all of the expenses.

It is easy to put off this purchase indefinitely. This is particularly true if you feel good and assume this will remain the case well into the future. However, this is not a practice you want to involve yourself with. Instead, it makes better sense to purchase long-term care insurance as soon as possible.

Here are three reasons why you should buy now, not later:

— The sooner you buy the cheaper it will be. This doesn’t mean you should purchase long-term care insurance in your twenties, but you definitely want to consider this as you reach your fifties. Waiting too long will impact your bank account.

— Give your family peace of mind. You don’t want your family to think they will have to care for you should you become sick.

— You cannot afford to wait for a serious diagnosis. If you do this, you can be rest assured that your long-term care insurance policy will cost you an arm and a leg. Worse yet, you may not even qualify for coverage.

If you have yet to consider the benefits of a long-term care insurance policy, now is the time to do so. When making a purchase, learn more about what a policy covers, exclusions and what to do if a claim is denied.

Source: MarketWatch, “5 reasons to buy long-term care insurance now,” accessed Dec. 22, 2015