With people living longer these days, turning 50 no longer feels like a big deal.
We hear it all the time – 50 is the new 40, right?
In fact, many people look forward to their fifties, when they’re well established in their careers, their children are grown and they have more time to get out and enjoy life.
But did you know that there can be a high price to turning 50?
I’m not talking about wrinkles, aching joints or the price of enduring the occasional mid-life crisis.
I’m talking about the huge rise in insurance premiums.
Between the ages of 49 and 50, the cost of long-term care insurance takes a sizable jump.
The best time to buy long-term care is before your good health or age changes.
50 may be the new 40, but it costs a lot more when you reach the big 5-0.
Now, I know what you’re saying:
“I’m perfectly healthy! I don’t want to think about long-term care insurance in my forties.”
But the truth is, that’s exactly the time you should be thinking about it. Before it gets too expensive.
The cost of long-term care is on the rise. In 2012, in San Diego County, the average cost of one year of care in a nursing home facility with a private room was $92,710.
And since 2012, that number has continued to rise by approximately 7% annually.
Imagine what it might cost when you actually need it.
Staggering!
Think about it this way:
- You wouldn’t think of being without home owners’ insurance, yet your chances of losing your home to fire is approximately 1 in 1,200.
- You wouldn’t think of being without automobile insurance and yet your chances of being in an auto accident are approximately 1 in 280.
Why would you consider being without long-term care insurance when your chances of needing long-term care services after age 65 are approximately 3 in 5?
Financial planning involves much more than owning a house or saving for retirement. It involves a complete strategy to ensure that your family and finances are protected – and the earlier you start, the better.
Photo via: Bigstock/msv
