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 for it anymore)?
If you answered "yes," you're gambling on a very risky bet - in which "the house" generally wins.
A recent report revealed that the closer people get to retirement, the more frightened they become about meeting long-term care costs. Women even more than men. And there's good reason for that. Women generally have greater long-term care needs, as they live longer, and are 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.
There are a few possibilities to address some long-term care costs, among them Medicare and hybrid plans, which might have riders with life insurance or annuities.
But 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:
1 - It'll never be cheaper than now!
2 - You'll never be younger than now!
At The Law Offices of Alice Reiter Feld & Associates, we're Elder Law attorneys. And we've been answering questions about long-term care for 33 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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