Long Term Care Part 4 – When Should I Apply?

Good evening Dolls,

Happy Monday to you.  I hope you all had a fabulous weekend.  Believe it or not, I stayed put🤗  I had to mentally recharge because for the next month, I will be all over. Pray for me🤗❤

Last week, we discussed where one could receive Long Term Care and the costs associated with it.  If you remember, there are a few contributing factors that determine the cost of Long Term Care. Those factors are:

*Location – which state would you like to be in when you receive care

* Location part 2 – where you would like to receive rehabilitation e.g. assisted living, nursing home or your own home

* Care from who – will care be received from a Home Health Aide, an RN or a LPN

* Gender – since women need Long Term Care longer than men, their policies will be quoted higher than that of our male counterparts.

Two additional pieces to the cost factor are: age and health.

So when should one purchase Long Term Care insurance?

The best time to purchase Long Term Care Insurance is when you are young and healthy.  In this regard, it is like life insurance.  The older we are, the more expensive it becomes.  Long term care for a 40 year old will cost less than someone who is 50.   While the guideline for Long Term Care’s approvals are less stringent than Life Insurance, certain conditions are not accepted with a lot of companies (e.g. multiple sclerosis, Parkinson’s disease or AIDS, just to name a few).

Since procrastination increases the pain, it’s important to have all of your affairs in order sooner, rather than later.

If you have any questions, please feel free to reach out to me here or at: thefinancialcomforter@gmail.com.

Next up: Long Term Care Part 5 – what resources are available to you

Have a beautiful and blessed week 🙂

Marsha

Changing the lives in our community….one family at a time

 

 

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