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Virginia Beach Estate Planning Lawyer / Blog / Long-Term Care / Tips for Saving on Long Term Care Insurance

Tips for Saving on Long Term Care Insurance

If you are looking ahead to the future to protect your own assets and to cover the very expensive cost of nursing home or other necessary care when you are older, long term care insurance is an important opportunity to protect your future.

The majority of Americans over age 65 will need some type of long term care in their future. So, it’s in your best interest to purchase long term care insurance now. It is getting more expensive, however, so engaging in any opportunity you can to keep the cost down is well worth it.

The average cost of long term care insurance policies in the United States is about $2700 a year. The older you are, the more you’ll pay in long term care insurance and you’ll also pay more based on your health. With serious conditions like metastatic cancer or Alzheimer’s, an insurance company might deny you altogether. There are alternatives like short term care policies, which typically cost one third of long term care insurance, but it covers a lot less.

Hybrid insurance policies combine long term care and life insurance together; enabling you to tap into the debt benefit, if you need it for care. There may be significant upfront payments involved. Getting a long-term care insurance policy should always be done when you are relatively young and healthy.

You will get a better rate for your long-term care insurance cost at that point in time and have a better awareness that you are protected. Remember that long term care problems do not only emerge when you are older. Some of the individuals who have activated their long-term care insurance policies are in their 20s and 30s and need significant rehabilitation after a vehicle accident. Talk to an estate planning attorney in VA today to learn more about protecting your assets for the future.

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