Thursday, September 22, 2011

Where to Find the Best Long Term Care Insurance Resources

Guest Blog By: Erin L.
Don't Wait before It Is Too late

As a person ages, it becomes inevitable that at some point in the future, he/she will need long term care facilities. The question is when should a person start looking for the best options for them? Waiting until the need arises is not the time for someone to decide that he/she needs LTC insurance coverage. The sooner the better, for rates are sure to go up. According to The American Association of Long Term Care Insurance, the cost of LTC insurance rose by almost 70% in 2010.

Who should buy Long Term Care Insurance?

Everyone should assume that he/she will live to an old age and prepare for the inevitable event that he/she will need long term care at some future point. Although the best time to purchase LTC is in the 50s or early 60s, some people wait until their mid to late-60s. Any older than that is too late and it is impossible to find an insurance company that will provide coverage. Therefore, a great solution is to look at group insurance plans. These are offered by an employer while working and by organizations such as an employee's union. As an example, group health insurance in California is a viable option for those employed in the state. Those looking to retire should approach the employer as soon as possible to inquire about rates and options for coverage now and after retirement.

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