Page 53 - Growing Old Without a Plan for Long Term Care is not for Sissies_Neat

Do I Have to Decide Now? 35 Chapter 6 Do I Have to Decide Now? nce people have decided that Long Term Care Insurance is Othe most cost effective way to protect their family from the devastating consequences of a need for extended care, they often ask, “When should I buy Long Term Care Insurance?” Many times what they are really asking is “Do I really have to buy it now? Can’t I just wait a while?” The answer is, “Of course you can wait—but do you really want to take that risk and incur the added cost?” What risk am I talking about? There are essentially three risks associated with waiting for awhile to purchase Long Term Care Insurance once you’ve made the decision that it is the best way to pay for long term care. You need it before you get around to buying it. You may have an accident or become ill and need long term care before you get around to purchasing Long Term Care Insur- ance. Studies show that 40% of people receiving long term care are working age adults between the ages of 18 and 64. The frustration caused by needing extended care in the prime of your life would be compounded by the realization that you could have paid for that care with pennies on the dollar if you had a Long Term Care Insurance policy in place. You can’t qualify. Your health may deteriorate and you may no longer qualify for Long Term Care Insurance. For example, if you suffer a