LongTermCareInsurance411 Expert
Long Term Care Plan Reviews, Interviews & Commentary
Pay Today... Or Pay A Lot More Tomorrow
Seniors and their families across America pay millions of dollars every day for the critical but expensive care of a loved one. The cost for this care can now top a staggering $90,000 per year! Despite the devastating financial risk long term care poses, many healthy seniors have put off getting coverage mistakenly thinking they can get it later "when they need it". Many well into their 60s still insist they're "too young" to get insurance not realizing it may already be too late.
Is it true you can wait to get insurance later "when you need it"? And does this save you money? Discover the answers and more in this Expert Interview with a Carlsbad resident that serves as a cautionary tale to those who think you can "put off till tomorrow what you can do today".
LongTermCareInsurance411 Expert Interview
LongTermCareInsurance411.com: Jim, the high cost of long term care is the single greatest financial risk facing seniors today. Never the less, many healthy seniors still don't have long term care insurance to help pay for this expensive care. Many think they can wait to get it later. Do you think that's a good idea?
Jim Miller: Thanks for asking. The simple answer to your question is: no, waiting to get insurance "later" is a bad idea. But truthfully it's worse than that. Waiting to get covered later on is really asking for trouble.
LongTermCareInsurance411.com: What kind of trouble are you talking about, Jim?
Jim Miller: Big trouble. The kind of trouble that costs your family lots of money they probably don't even have. Waiting to get long term care insurance is a big mistake. I know because I made the same mistake myself.
It's very simple math. The cost of care in the future is much, much more expensive than the cost of buying insurance today.
LongTermCareInsurance411.com: Jim, what are you talking about? What mistake did you make?
Jim Miller: I was one of those guys that had better things to do with my money than buy long term care insurance. Besides, I was bullet proof; I didn't need it. Then a few years ago I started having symptoms that were soon diagnosed as Parkinson's - a progressive disease with no cure. To be honest, it's not going to be pretty and there's no way around it - I'm going to need care. Of course, now I'm uninsurable, so I'll have to pay for care out of my own pocket - expensive care that'll come at a huge expense to my family. And why? Because I thought I could just wait to get insurance later "when I needed it." That's just not true.
LongTermCareInsurance411.com: Jim, I'm sorry to hear that. Now that your illness has rendered you uninsurable, what steps have you taken to protect your family?
Jim Miller: That's a good question. When I learned that I'd become uninsurable, it became critical that my wife get insurance so she has the money for care when she needs it. We got her a policy immediately.
LongTermCareInsurance411.com: OK, Jim, just one more question. If you could make one recommendation to our readers, what would it be?
Jim Miller: That's an easy one. Don't wait to get long term care insurance. Buy insurance "on sale" with your age and good health. It's very simple math. The cost of care in the future is much, much more expensive than the cost of buying insurance today. And if one of a couple is uninsurable, don't wait to get the healthy spouse insured. It's not worth it and you'll regret it later if you do.
LongTermCareInsurance411.com: Jim, thanks for sharing your personal story.
Do you have a story that needs to be heard? Email LTC411 for an Expert Interview.
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