Many people think of long term care insurance as something that can wait until later. After all, there are still plenty of years to go before retirement. While it is true that many providers do extend coverage to people who are 55 and older, the fact is that now is the best time to think about securing and maintaining LTC Insurance in Texas. Here are a couple of reasons why putting the plan in place well before the retirement years makes sense.
The Cost of the Coverage
Like any type of insurance, LTC Insurance in Texas does require paying a premium on a regular basis. It is important to remember that insurance companies do assume a certain amount of risk when they extend coverage to anyone. Among the factors that are considered closely is the age of the applicant.
Choosing to buy a plan while still relatively young makes it easier to lock in a lower rate for a longer period of time. For example, an individual who is 40 and has every intention of not retiring until the age of 65 will be offered a premium that is significantly lower than someone who is approaching 60.
The Ability to Secure More Comprehensive Benefits
Unlike standard health insurance, plans of this type are not considered essential by any government agency. In other words, providers do not have to approve every application for long-term care insurance that is presented to them. Given the increased risk that the provider assumes by insuring people over a certain age, it will be harder to secure the insurance if the individual waits until just before retirement age.
In order to have more options in terms of which companies to consider and the range of benefits they offer, it makes sense to begin the search while the individual is still younger than 50. While it is not impossible to find a provider who will approve the application, expect the scope of the coverage to be somewhat limited and the premiums will certainly be higher.
For anyone who wants to learn more about long-term care insurance, visit the website and take a look at the types of protections provided. Talk with an agent and go through the available plans carefully. Doing so will make it possible to have a plan in place and know that it will be there if it is ever needed.
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