Long term care for physical therapy rehab or for someone who is unable to care for themselves can be incredibly expensive to the average person. Acquiring good long term care insurance years before you need it, is a great option so your assets are not consumed by having to use long term care.
The average cost of one year of long term care in a private room is roughly $77,000. If you have assets such as a 401K or paid off home, chances are, the long term care facility will make you a private pay client until your assets are depleted which could wipe you out financially.
Someone who is 55 years old is not too old to purchase a policy and help to provide roughly $100 to $200 a day in coverage. The best time to buy Long Term Care in Macon GA is between the ages of 45-54. It’s never too early to purchase long term care insurance.
Buying a policy at a younger age helps you to get lower premiums and build up a larger policy to cover long term care expenses in the future. It’s very similar to life insurance. The longer you wait, the more expensive it is.
If you wait until you’re 60 years old, normally your medical problems may have started because of your aging body. These all become records for your medical history and if you have numerous health problems, your premium will be much higher and your chances for admission to a long term care facility are greater.
If you are younger and you possibly need knee replacement surgery, tear your ACL or something that would need any type of rehabilitation, most hospitals now place you in a long term facility to rehab from your surgery for a short time. Regular medical healthcare coverage does not always cover this.
Getting long term care insurance now could save your retirement for your spouse or from when you recover and are able to be released from long term care.
