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Why Baby Boomers Need More Than What They Have

By Chelsea Andrews Subscribe to RSS | January 18th 2012 | Views:

Long term care insurance for baby boomers is a must as the cost of care in the next 15 to 20 years will be higher than the amount of retirement money that a 65-year-old is expecting.

For someone who has been working loyally for just one employer almost four decades, the monetary rewards are definitely high. These rewards, however, are not going to be enough for his expenses after retirement.

People’s concept of retirement is the entry point to the second phase of life. That phase wherein they can pursue hobbies that they have been putting off for the longest time, travel to places they’ve never been, and simply relax and spend more time with their families.

Since most Americans retire strong, healthy and mentally sharp, planning for their long term care (LTC) seems to be the farthest thing from their minds. Most of them still think that in case they would need a long term care insurance (LTCI) policy in the future they can simply walk into an insurance firm and buy one.

Unfortunately, LTCI is not like any ordinary product which can be bought anytime. You have to research about your family’s health history, identify your future health care needs, study the cost of care in your area, calculate policy variables, and compare numerous LTCI quotes to be able to determine which policy is right for you.

In addition, insurance companies strictly require LTCI buyers to be healthy and mentally fit. So if you start to experience frequent chest pains at the age of 75 and decide to buy an LTCI policy, be ready to deal with higher premium rates.

Expensive Long Term Care Insurance for Baby Boomers

Most baby boomers with LTCI policies pay very high annual premiums as most of them waited too long before buying their policies.

Some are even on the verge of discontinuing their LTCI policies because reports of premium hikes in the offing are discouraging them. The only reason they continue to hang on to their policies is the fear of being hit by the predicted fourfold increase of LTC costs in 2030.

Younger LTCI policyholders, on the other hand, hardly feel their annual premiums because they are paying out less than $999 a year. By investing in an LTCI policy at the age of 40 or 50 you can enjoy so many privileges apart from the promise of low annual premium.

Good health discount of 10% is one of those things that are exclusive to young and healthy LTCI policy buyers. Spousal discounts up to 40%, on the other hand, can be obtained by married couples.

Despite the many financial offerings of LTCI, the current rate of uninsured Americans is still bigger than the insured ones because very few understand the whole concept of owning an LTCI policy. Others are still busy figuring out what happens to the money that they would invest on their policies should they wind up not needing LTC.

It is indeed necessary to push long term care insurance for baby boomers because in a few years’ time more than 70% of them will require serious care. Even if they receive half a million from retirement couple of years from now, this won’t be enough for a nursing home’s projected annual rate of $310,980.

Chelsea Andrews - About Author:
We provide the latest status about CLASS act and as well as free long term care quote from the most reliable carriers.

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