Have you thought of your future?
There has been an increase in the amount of people in need of some type of care at a long term care facility and the number is only expected to grow. About 3.2 million boomers celebrated their birthday last year and not that many have invested in long term care insurance, mainly because they believe its is too costly. But is there a way to avoid the high costs of long term care insurance? There is.
You do have viable options for you to afford long term care insurance. First, you need to proactively plan for your long term care insurance. Take a look at your friends and family and see how much care you will need in the future. You can lower the monthly premium by opting for a benefit that lasts for less than five years with a reduced daily benefit.
The next thing you need to do is save. Even if you're over 50, it's okay. Usually, long term care insurance expenses don't kick in until you're 80. Saving your money for long term care expenses will be worthwhile in the end and decrease the financial burden on your family members.
Finally, the last step in self-insuring your long term care insurance is holding onto your home equity. Having your debts paid off is a big help in financing your long term care plan. Most people over the age of 65 are debt free and have their mortgage paid off. With no debts in your life, you'll be able to focus on financing what is most important to you.
Speak to a broker at Cosmo Insurance Agency and you can create a financial plan with one of our carriers that will allow you to fit long term care into your budget.
Remember, over 70% of people in America will require long term care at some point in their lives. Contact Cosmo Insurance Agency today to prepare you for tomorrow.