As one of our California readers, you may be considering the benefits associated with buying long term care insurance. You may also be worried about making a purchase, due to the fact that there are so many potential mistakes that could bog you down.
Many baby boomers are tackling the question of whether they should purchase long term care coverage at the present time. Those who decide to move forward are faced with comparing insurance companies and policies, hoping to make the right choice without delay.
A recent study conducted by researchers at Pennsylvania State University and Georgetown University show that 70 percent of individuals age 65 and older will require some type of long term care later in life.
Even though this shows most that purchasing coverage would be in their best interest, the cost of a policy always comes into play. The reason for this is that the cost of coverage continues to increase. According to the American Association for Long-Term Care Insurance, a 55-year-old couple will pay, on average, $3,275 per year for $164,000 in coverage.
Some people may be able to avoid purchasing long term care insurance, while others realize that this is something they require based on their current financial position.
With the industry changing year after year, consumers need to stay current with changes to ensure that they get the best coverage at the right price. There are many insurance companies selling policies, but since every person is in a unique position, it is a must to learn as much as possible about each provider.
Source: The Wall Street Journal, “Mistakes to Avoid When Shopping for Long-Term-Care Insurance” Ann Tergesen, Apr. 13, 2014