How Much Does Medical Insurance Cost For 60 Year Old Understanding Facts When Planning for Long-Term Care

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Understanding Facts When Planning for Long-Term Care

An important consideration when planning for a successful future retirement is longevity. With longevity comes long-term health care. The financial costs and burdens of aging not only affect you, but also your family, savings and lifestyle. Long-term care insurance makes things easier for you and your family. The American Long-Term Care Insurance Association said the nation’s insurance companies paid out $9.2 billion in benefits to American families in 2017 alone.

As you search the Internet, you may find information that is not entirely accurate. It is important to consider some facts before retirement.

The US Department of Health and Human Services states that if you reach age 65, you have a 7 in 10 chance of needing some type of long-term care service. In 2016, the value of care provided by unpaid caregivers to people with Alzheimer’s or dementia exceeded $230 billion.

Many people think that long-term care will not happen to them. Others think that their family will be able to take care of them without any problem. The fact is that as medical science advances, the risk of needing care increases with longevity. Without an advanced plan the impact is huge.

The national average for a year of home care is $49,192 based on a 44-hour week. The national average for assisted living is $45,000 per year, and a year of skilled nursing costs nearly $100,000 per year. In 20 years, these costs will undoubtedly increase.

You should consider the financial costs and burdens of aging as part of your retirement planning. Affordable long-term care insurance will provide the resources for quality care, whether at home or in a facility, allowing the family to be a family.

Almost half of people who apply for LTC insurance after age 70 are turned down for health reasons, compared to 17% of those under age 60. Premiums are very affordable, especially when you are younger. Acting before retirement is key.

Premiums are designed to stay level, based on your health, age and the amount of benefits you claim. You can read articles about rate increases. These increases have to do with “legacy products”. These are older series of policies that were priced before interest rates fell and rates stabilized.

First, most long-term care insurance policies are designed to have flat premiums. There are some policies where the premium increases each year, by design, as benefits increase or you choose to increase benefits. However, most policies have premiums that aim to stay the same based on your age at the time of application, your health and the amount of coverage you have selected. Since most people will select some form of inflation protection, the premium is intended to stay level while benefits rise; the cost of the inflation benefit is already factored into the premium. As you read articles about rising premiums, keep in mind that there are plans that intentionally increase over time.

Today, all plans are priced with the very low interest rate environment in mind (interest rates have been low in the US for the past decade). This was not always the case. Some of the older product lines have had rate increases. These increases were based on a few factors:

• Interest rate

• Lapse rates (ie how many people drop their policies. In practice, very few do, but this was not factored into the premium prices of many old plans)

• Experience in claims and underwriting

Today, the subscription is much more scientific and conservative than before. Premium costs now take into account low interest rates, low lapse rates and also actual claims experience. The Society of Actuaries suggests that the chance of a rate increase on a long-term care policy sold today is very, very low. Regardless of these facts, it is also not easy for insurance companies to raise rates for the products that are sold today.

Working with a long-term care specialist will give you the precise information you’re looking for. There are several reference websites for research:

LTC News offers articles and resources: http://www.ltcnews.com

US Department of Health and Human Services: https://longtermcare.acl.gov/

Long-term care will affect you, your family, your savings, and your lifestyle. Long-term care insurance is easy and affordable asset protection. These plans not only protect your savings but also reduce the burden on family members. Act before you retire to take advantage of lower premiums and better overall health.

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