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Long Term Care Planning – When Is The Right Time?

Many start contemplating a long term care planning coverage purchase when they are around the age of 40. One thing to manage is your insurability. In other words, you must apply for and secure Long Term Care when you are healthy enough to qualify for it. If you delay the purchase of Long Term Care, here are some concerns:

  • Your insurability
  • Market Forces: (what the products are that are currently available)
  • Tax Matters: (whether or not it is advantageous for you or your business from a tax perspective to purchase Long Term Care for you and/or your employees)
  • Cost of Waiting: The longer you wait, generally the more premium you will pay. Premiums generally increase 3% to 4% for each year in age. For example, a 41 year old may pay 3% to 4% more in premium than a 40 year old for the exact same LTC plan design. Many consider delaying the purchase of Long Term Care for a period of years and because of this fact may actually end up paying more in premiums given their life expectancy.
  • Progress to date with your personal financial planning
  • Progress to date with your employee benefit planning

We encourage you to contact us today if you have any questions about how or when to gets started with your LTC coverage.

If you want to get your Long Term Care Planning right for you and your spouse, you must speak to Corey. His Phase I made sure I understood a fairly complex set of options – no pressure.
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