Clark Howard is a leading consumer advocate and money expert. He became well known for his nationally syndicated radio show and now hosts a podcast and writes on his website.
Clark has been a long-time supporter of Long-Term Care Insurance.
"Long-Term Care Insurance is a smart decision for many people," Clark says.
The question is, are you one of those people?
"Getting old is part of life," Howard says. "At some point, [most] of us are going to need care. Maybe in a nursing home. Assisted living. Or skilled care in our homes. Are you prepared?"
Being prepared for future declining health and aging is a significant financial consideration. Long-term health care costs are substantial and getting more costly every year.
Long-Term Health Care Costs Exploding Nationwide
The LTC NEWS Cost of Care Calculator shows the national average cost of in-home care, based on a 44-hour week, as nearly $4,700 a month. If you are age 53, the cost of in-home care is expected to be about $9100 a month in twenty-five years. The cost of long-term health care varies depending on where you live - Cost of Care Calculator - Choose Your State | LTC News.
How do you budget for that from your income without adversely impacting your assets, lifestyle, and legacy?
Assisted living facilities, memory care facilities, and nursing homes all cost more than in-home care. If you are concerned about quality care and your financial security, you need to prepare.
Most People Obtain Coverage in Their 50s
"The prime age to buy is in your late 50s to early 60s. So if you have aging parents, talk to them about it," Howard says. Most people obtain coverage in their 50s, some even earlier, to take advantage of their better health and lower premiums.
Many people like Clark Howard, Dave Ramsey, and Suzi Orman, among other experts who recommend Long-Term Care Insurance, don't understand underwriting.
The underwriting criteria of every insurance company that offers Long-Term Care Insurance varies widely. Premiums can vary over 100% between insurance companies. An experienced Long-Term Care Insurance specialist will match you based on your age, health, and family history to find the best coverage at the lowest cost.
"Shopping for Long-Term Care Insurance may be simplified by contacting an independent agent who can shop quotes from a variety of companies for you," Howard explains.
Clark Howard is well respected. He understands the necessity to prepare for future declining health and aging. You can not only safeguard income and assets from future long-term health care costs, but you will also reduce the stress and anxiety otherwise placed on your loved ones.