WAITING WILL COST YOU MORE

 

WAITING TO BUY LTC INSURACE WILL COST YOU MORE



FACTS AND MYTHS5The younger you purchase Long Term Care, the lower your premiums will be and your benefits will be larger. Many people who do not buy long term care policies when they are younger and healthier develop medical conditions and are refused coverage later by the Long Term Care Insurance companies. You will pay less in the long run if you buy Long Term Care Insurance when you are young, and the policy will be worth much more because it will compound much more. Example from the New York State Department of Financial Services with the following details Genworth 8000 NYP $300 a day/ 2 years nursing home / 4 year home care/ compounded 3.5%/ elimination period 90 days/ partnership policy/ male/ age of purchase 55 and 65 :

 

    • Age 55 premium:                  $2767 Total Premiums paid by 85: $83,010     ($2767 x 30 years)
      Initial Value of Policy:           $219,000   ($300 a day x 365 x 2 years)
      Value of Policy at 85 due to 3.5% compounding:    $438,000

 

  • Age 65 premium:                 $4415 Total Premiums paid by 85: $88,300     ($4415 x 30 years)
    Initial Value of Policy:          $219,000   ($300 a day x 365 x 2 years)
    Value of Policy at 85 due to 3.5% compounding:   $547,000

As can be seen in this example you will save $5000 buy buying the policy 10 years earlier, and the earlier you buy the policy, the less you pay in premiums, and more importantly you benefits are larger.

Fill out the form below to be mailed comprehensive quotes from all the “blue chip” companies in the Long Term Care field, in the comfort of your own home, rather than just talk to a local “high pressure” agent that carries a limited amount (1 or 2) of companies.

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