Many people consider purchasing long term care insurance but are hesitant to do so because of the costs associated with it. However, this type of insurance may end up costing less than you expected. Many professional recommend purchasing ltc insurance between the ages of 50 and 65. Compare quotes from multiple insurance companies to see what they can offer you.
What Factors Affect the Cost of Your燣TC Insurance Policy?
Like any other type of insurance, many factors affect the rate that you will pay for a long term爃ealth insurance policy. Some of the main factors affecting your LTC insurance rate include:
- Your age at the time of application
- Your current health situation
- Your Gender (Women are considered to be a higher risk)
- 燳our Marital Status (Single people are considered to be a higher risk)
- Smoker/ Non Smoker (People who smoke are considered to be a higher risk)
- Your Diet (People with a poor diet are considered to be a higher risk)
- Your Family Health History (People with a family history of strokes, arthritis, Alzheimer's, etc. are considered to be a higher risk
- Your Exercise Routine (People who do not exercise on a regular basis are considered to be a higher risk)
?/p>
Can You Afford Not To Have LTC Insurance?
Let's face it; long term care is expensive. Here are some 2007 costs:
- A private room in a nursing home cost $6,150 per month.
- A semi private room in a nursing room cost $5,340 per month.
- A room in an assisted living facility cost $2,714 per month
?
Long term care costs can be expensive, and if you are between the ages of 50 and 65 it is time for you to consider purchasing a long term care insurance policy. Not purchasing a policy could result in a financial crisis for you or put a huge financial burden on someone you love.