What do I mean by that? Well...are you betting that medical costs won't go up? Are you betting that long-term care is easier to get as you get older? And are you betting that "some day" will arrive before you get sick (and won't be eligible anymore)?
If you answered "yes," you're gambling on a bet in which "the house" generally wins. And, for a woman, the bet is even riskier.
Women live longer...so they generally have greater long-term care needs. Also, they're less likely to have a partner to care for them. Which is probably the reason that Genworth Financial, the largest long-term insurer in America, is talking about raising rates for women.
If Genworth raises its rates for women, you can pretty much bet - there's that word again - that just about every other long-term care insurer will do the same.
There's only one way to get the best price: GET IT NOW!
Can you name even one item for which you pay less now than you did a few years ago? And if you're betting that "some day" will come before you get sick...are you willing to bet every cent you've ever earned on it? Because no insurance company will accept you after you're sick!
In addition, the older you get, the higher the premium. So, if you can pull it off now, you'll thank yourself later.
Two facts to remember:
1 - It'll never be cheaper than now!
2 - You'll never be younger than now!
If you've got questions about long-term care, we can answer them. At The Law Offices of Alice Reiter Feld & Associates, we've been answering them for 34 years.
In fact, we've helped thousands of South Florida families with questions about long-term care...as well as comprehensive estate planning, wills, trusts, powers of attorney, asset-protection plans, and assistance with Medicaid and the VA.
We can answer your questions, too. And we're just a phone call away.
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