How are going to protect what you haven't lost in the market?

Many people who were depending on retirement portfolios and wealth in real estate to pay for the high cost of long-term care are finding that neither option may still be a viable solution. Therefore, this is an opportune time to consider buying an insurance policy to make certain that the resources needed to pay for the cost of care will be there regardless of market or real estate values.
Many Americans who are working and saving for retirement should consider how a potential need for long-term care could quickly derail the plans they've made for retirement. Those residents who want to remain in their own homes or have some control of the type of care they receive often find that long-term care insurance is the best way to plan for future care needs. They are frequently surprised to find that working with an experienced agent who specializes in long-term care planning can help find plans that can be affordable for many people.
Time is the enemy when it comes to long-term care planning. Consider these facts:
- Generally, every year that someone delays the purchase, the premium increases. The rule of thumb is that every five years a person waits to purchase a policy, the premium doubles due to increased age.
- A change in health may limit your options, increase the cost or make it impossible to qualify for long-term care insurance.
While we can choose anytime to start saving for retirement, draft a will or fund a trust, the same cannot be said for the purchase of long-term care insurance.