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Long term care insurance as part of a disability plan

There are many issues facing people in retirement, including how they will pay for long term care without blowing through the money they have accumulated over the years.

By 2030, there will be more than 70 million Americans who have reached the age of 65. For this reason, the number of people considering long term care insurance as part of a disability plan will also increase.

According to the U.S. Department of Health and Human Services, 70 percent of those who reach 65 years old will eventually require long term care. Furthermore, this care lasts three years on average.

Many people opt against making long term care insurance part of their disability plan because they do not understand their current situation or what they are faced with during the buying process.

For example, many Americans are concerned about paying an expensive premium, month after month, on something they will never use. Even though this is a valid concern, especially for those on a tight budget, there are ways around this. Purchasing a basic policy that pays some, but not all expenses, can ensure a solid level of coverage without spending an arm and a leg.

Additionally, it is important to understand what type of coverage you actually have. Many people do not purchase long term care insurance because they incorrectly believe they are covered under their medical plan, Medicaid, or Medicare.

Many of our California readers have reached retirement age, or will be in this group soon enough. Knowing how, when, and why to purchase long term coverage is important. Once a policy is purchased, your only concern is staying healthy and having your claims covered in the event of a disability.

Source: LifeHealthPro, “Leveraging LTC” Van Mueller, Sep. 26, 2014

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