{"id":415,"date":"2013-08-26T09:00:16","date_gmt":"2013-08-26T09:00:16","guid":{"rendered":"http:\/\/andrewwbradley.ca\/Blog\/?p=415"},"modified":"2013-08-26T09:00:16","modified_gmt":"2013-08-26T09:00:16","slug":"long-term-care-insurance","status":"publish","type":"post","link":"https:\/\/blog.andrewwbradley.ca\/index.php\/2013\/08\/26\/long-term-care-insurance\/","title":{"rendered":"When Should I Buy Long Term Care Insurance?"},"content":{"rendered":"<p><a href=\"https:\/\/andrewwbradley.ca\/Blog\/happens-survive-critical-illness\/stocksnap_s5wgvl18a9\/\" rel=\"attachment wp-att-1729\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignleft size-large wp-image-1729\" src=\"https:\/\/andrewwbradley.ca\/Blog\/wp-content\/uploads\/2017\/02\/StockSnap_S5WGVL18A9-1024x683.jpg\" alt=\"When Should I Buy Long Term Care Insurance?\" width=\"1024\" height=\"683\" \/><\/a>Long term care insurance\u00a0is bought with your good health. The right time to purchase\u00a0coverage is:<\/p>\n<section>\n<div>\n<ul>\n<li>when you are concerned enough to plan for your future,<\/li>\n<li>you have decided that you do not wish to burden family with having to worry about providing your care, and<\/li>\n<li>you are healthy enough to qualify for the coverage.<\/li>\n<\/ul>\n<p>There are two important reasons to\u00a0consider buying coverage\u00a0sooner rather than later:<br \/>\nFirst<\/p>\n<ul>\n<li>The cost of long term care insurance is based on your age and your health when you apply. Thus, the younger and healthier you are, the more affordable your policy will be.<\/li>\n<\/ul>\n<p>Second, and most important<\/p>\n<ul>\n<li>As you grow older, your health will undoubtedly change. It will become more difficult to qualify for coverage once you have had a change in your health.<\/li>\n<\/ul>\n<h3><strong>True Cost of Waiting to Buy <\/strong><\/h3>\n<p>If you decide that long term care insurance is the right decision to protect your assets and your family&#8217;s financial future, the best time to\u00a0plan\u00a0might be\u00a0now.<br \/>\nIn so doing:<br \/>\n\u2022 You may avoid the risk of your health changing to make you uninsurable in the future \u2022 Your rates will be lower today due to your age being younger at time of purchase<br \/>\nThe tables below show the <strong>INFLATION ADJUSTED<\/strong> cost of waiting to buy long term care insurance later assuming your health does not change over the years.<br \/>\n(Sample premiums, Age 53, preferred health discount, partner discount, $150 daily benefit, 5% compound automatic inflation, 4 year benefit period)<\/p>\n<table>\n<tbody>\n<tr>\n<td>*Age of Purchase<\/td>\n<td>*Inflation Adjusted Daily Benefit<\/td>\n<td>*Annual Premium<\/td>\n<td>*Cumulative Premiums Paid to\u00a0Age 90<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>53<\/td>\n<td>$150<\/td>\n<td>$1177<\/td>\n<td>$43,549<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>55<\/td>\n<td>$165<\/td>\n<td>$1334<\/td>\n<td>$46,706<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>57<\/td>\n<td>$182<\/td>\n<td>$1596<\/td>\n<td>$52,664<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>59<\/td>\n<td>$201<\/td>\n<td>$1897<\/td>\n<td>$58,804<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>61<\/td>\n<td>$222<\/td>\n<td>$2316<\/td>\n<td>$67,175<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>63<\/td>\n<td>$244<\/td>\n<td>$2883<\/td>\n<td>$77,841<\/td>\n<td><\/td>\n<\/tr>\n<\/tbody>\n<caption>The True Cost of Waiting to Buy Long Term Care Insurance<\/caption>\n<\/table>\n<p>As you can see when accounting for inflation and increases in cost due to age, it is less expensive to plan sooner rather than later.\u00a0 The cost to buy long term care insurance may only increase as you grow older.<br \/>\nDelaying your application for\u00a05 or 10 years from today only\u00a0means that you\u00a0might have to purchase a higher benefit at your older age to keep up with inflation.\u00a0 Or you might have to opt for more co-insurance to keep your premiums affordable for you.<br \/>\nAlso, your health history may change as the years go by resulting in coverage no longer being unavailable for you.<\/p>\n<h3>Let\u00a0Me Help\u00a0You Get Approved\u00a0For\u00a0A Policy<\/h3>\n<p>Give\u00a0me a call today to discuss your specific situation.\u00a0 I can help guide you through your options, and get your application approved with a top-rated company.<br \/>\nIf you have any questions about this or any\u00a0other insurance, call me at 613.286.6841 or e-mail me <a href=\"http:\/\/www.andrewwbradley.ca\/Contacts.html\">info@AndrewWBradley.ca<\/a>.<br \/>\n<em>The information is of a general nature only and does not take into account your individual objectives, financial situation or needs. It should not be used, relied upon, or treated as a substitute for specific professional advice. I recommend that you obtain your own independent professional advice (preferably me) before making any decision in relation to your particular requirements or circumstances.<\/em><br \/>\nAuthor: Andrew W Bradley\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>Long term care insurance\u00a0is bought with your good health. The right time to purchase\u00a0coverage is: when you are concerned enough to plan for your future, you have decided that you do not wish to&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":24171,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[8],"tags":[181,280,290,292,358,361,365,366],"_links":{"self":[{"href":"https:\/\/blog.andrewwbradley.ca\/index.php\/wp-json\/wp\/v2\/posts\/415"}],"collection":[{"href":"https:\/\/blog.andrewwbradley.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.andrewwbradley.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.andrewwbradley.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.andrewwbradley.ca\/index.php\/wp-json\/wp\/v2\/comments?post=415"}],"version-history":[{"count":0,"href":"https:\/\/blog.andrewwbradley.ca\/index.php\/wp-json\/wp\/v2\/posts\/415\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.andrewwbradley.ca\/index.php\/wp-json\/wp\/v2\/media\/24171"}],"wp:attachment":[{"href":"https:\/\/blog.andrewwbradley.ca\/index.php\/wp-json\/wp\/v2\/media?parent=415"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.andrewwbradley.ca\/index.php\/wp-json\/wp\/v2\/categories?post=415"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.andrewwbradley.ca\/index.php\/wp-json\/wp\/v2\/tags?post=415"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}