Nearly 90 percent of people over the age of 55 would like to save enough money to have financial peace of mind during retirement, a 2010 industry report found. Since long term care insurance helps protect assets, many people purchase policies for this reason.
Long term care insurance also gives consumers the freedom of choice and control over the care they receive. Whether individuals wish to stay in their own homes, in an assisted living community or in a nursing home, this insurance lets the policyholder stay in control, which means more flexibility and better care.
A lot of consumers don’t consider buying long term care coverage until well after retirement. Yet, the average age for new long-term care insurance applicants is 57. This is an age when most people still qualify for good health discounts.
This November, during Long Term Care Awareness Month, it’s important to remind everyone about the importance of long term care planning. Now is the perfect time to speak with an insurance agent or financial advisor about how long term care can be added affordably to any financial plan.
