The One Financial Mistake that 86% of Older Americans are Making

Are you making it too?

We all know we’re supposed to save for retirement and do our best to estimate our future living costs.

But if there’s one major expense countless Americans continue to miscalculate, it’s health care — specifically, long-term care.

The solution? Long-term care insurance. The right plan can help defray these astronomical costs and open the door to more options when you’re older and your health starts failing. The problem? Most Americans don’t have long-term care insurance, and they’re making a huge mistake in the process.
The time to apply for coverage is now.

If you’re in your 50s and haven’t put much thought into long-term care, now’s the time to get moving. For one thing, read up on the costs involved so you understand what sort of numbers you’re looking at. Second, understand what long-term insurance is meant to cover. More than half of Americans think these policies are primarily used for nursing home stays, but actually, the majority are applied to offset the cost of home health care.

Finally, get moving on your insurance application once you come to your senses. The American Association for Long-Term Care Insurance reports that more than 50% of applicants aged 50 to 59 qualify for health-based discounts. That number, however, drops to 42% among 60- to 69-year-olds, and it plunges down to 24% for 70- to 79-year-olds. Furthermore, the longer you wait to apply for coverage, the greater your chances of getting denied, so that’s reason enough not to delay.

One more thing: Get your facts straight about Medicare. Countless older workers assume that Medicare will cover all of their health-related needs once they enroll, but that couldn’t be further from the truth. One major benefit of discussing long-term care with a financial professional is that you’ll get access to the information you need to make an informed decision about what lies ahead. And the sooner you have that talk, the more time you’ll have to adequately prepare.

Source: Maurie Backman, The Motley Fool.
Link to article HERE.

Contact us today to learn more about your long-term care opportunities.