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Do I Qualify for Long Term Care Coverage? |
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Below are general guidelines used to help you determine whether you qualify for Long Term Care Coverage:
- An applicant should be able to perform daily activities such as bathing, dressing, eating, and walking without assistance.
- An applicant should be able to manage daily activities such as finances, housework, laundry, meal preparation, shopping, taking medication, and transportation without assistance.
- An applicant should have the ability to function without assistance from another individual or mechanical device (e.g. a walker, wheelchair, oxygen or dialysis.)
- An applicant should have clarity of thought with no signs of memory loss, confusion, or forgetfulness.
- All acceptable medical conditions must be stable and well-controlled. Medical conditions should not be severe or deteriorating (e.g., anticipating surgery, medical work-up in progress, or undergoing physical therapy.)
A Preferred Health Discount may also be available for eligible applicants.
The Cost of Waiting
Not only is Disability Coverage more difficult to get as we age, it also becomes signficantly more expensive with every year that passes.
The annual cost of a disability policy is generally set at the time of purchase. On average, the cost of such a policy will increase 15% - 18% every year it is not purchased.
Why? As we age, the probability of our needing long term care increases dramatically. Increased risk means increased cost of insurance against that risk.
The exact same long term care policy, when purchased by a 52 year old, can cost a whopping 225% more per year than if purchased by a 42 year old*, holding all other qualifying criteria constant.
By age 90, the disability policy purchased at age 52 can have a total premium cost nearly 80% more than the same policy purchased at age 42. More importantly, the lack of coverage for the ten years inbetween could lead to financial ruin in the event of a catastrophic disability.
At Insure Your Future, We Can Help
The experts at Insure Your Future can provide a no-cost, professional analysis to identify your financial exposure in the event of a catastrophic disability. We can recommend affordable, cost-effective options from the nation's premier long term care insurance companies to cover you should you ever need long term care.
Click here to request a no-obligation quote for Long Term Care Coverage or give us a call at 877.467.6763 to discuss options.
*Based on average long term care insurance policy costs. Your costs may differ.
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