November is Long-Term Care Awareness Month. Even the U.S. Congress has urged "the people of the United States to recognize (this) as an opportunity to learn more about the potential risks and costs … and the options available."
A need for long-term care is a significant risk to savings and retirement. It will impact families and loved ones. Just as it is smart to plan ahead for retirement, it's smart to plan now for long-term care. Here are some things to know:
- Buy before age 65; avoid the high cost of waiting. Age and health are important factors that determine the cost of long-term care insurance protection. Costs are based on age at application and increase each year. By waiting to purchase until closer to retirement, one might find it's just too expensive to buy this important protection.
- At younger ages, lock in good health special savings. Good health today can help 'lock in' preferred health discounts that won't change even if health does. If there's a current health condition, it's especially important to find out if one can health-qualify before it may worsen.
- Discounts can help significantly reduce the cost. Our firm believes clients will be surprised by how affordable long-term care insurance protection can be for some of the newer plans suited for their age. Today, there are ways to reduce the cost of long-term care insurance; savings available when planning ahead.
The first step is in your hands. Getting the information needed to make an informed decision is always a smart move. Waiting is never advantageous. Our firm encourages taking this first step. Call us at 973-882-3600. There's no obligation, of course. Make Long-Term Care Awareness Month the time to start planning.