Insurance companies have historically gotten a bad rap for refusing to cover high-risk individuals or for only providing coverage at a steep price. That has been changing over the past several years, and some types of insurance policies have been more accepting of a broader population group for a long time. It is not terribly difficult for a senior citizen to buy life insurance or long term care insurance in Texas, for example, even though they are at higher risk for needing the coverage than someone who is younger.
Premiums for long term care insurance in Texas are generally lower when someone buys the policy at a younger age. It’s common for people to decide to buy the coverage when they are in their 50s, and they can expect significantly lower premiums compared to waiting another 10 or 15 years. However, they’ll probably be paying those premiums for more years than if they waited, and they probably won’t start using the coverage during that time either. Those factors must be considered.
Long term care insurance can have two significant benefits. If someone owns substantial assets, the coverage protects those assets for the family if this person ever needs to move to a nursing home. Nursing home residency costs are extremely high, and even wealthy individuals can use up the assets of their entire estate within a relatively short time. In contrast, someone who does not have a substantial asset portfolio may worry about having to live in a nursing home of a lower quality than is preferable. The long-term care coverage allows for more options if the person ever does need this type of care.
Research has found that middle-aged persons and senior citizens find that deciding whether to buy long term care coverage is difficult. They usually have no idea what the chances are that they’ll need it one day. Some individuals may be more likely to contact an agency such as MyersYounger LTC for a consultation, however. Those who know that disabling conditions run in their family or who have had a positive genetic test for a disabling disorder may want to discuss their options for possible futures.