Are you an Ant or a Grasshopper?
Remember Aesop’s fable about the ant who worked hard all summer gathering food and supplies for the winter? The grasshopper made fun of the ant and spent his days happily playing in the field. Then, come winter, the ant was well-provided for, while the grasshopper had nothing.
Wise Ant or Frolicking Grasshopper?
It’s not fun to think about cold, hard days yet to come. No one likes giving up a portion of their money…we’d rather have it all to spend and enjoy now. But when it comes to your financial future, it’s foolish to live only for today.
2017 just began. New Year’s is a common time to reflect over the past year and look ahead at the year to come. How did you do in 2016, financially speaking? Does 2017 look bright for you? Maybe, like many, you resolved to be more responsible and lay the groundwork for a comfortable future. Often times, we enjoy today much more when we feel secure and relaxed that tomorrow is well-provided for.
The new year is the perfect time to make a change and start yourself on a new and better path. So let’s focus on starting 2017 off right, and setting yourself up for a standout future!
Insurance is one of those things few people like to think about, much less do anything about. It can be a pain, a hassle. Or at least, you think it will be. But consider what would, or could, happen if you simply didn’t get insurance. If you lived like the grasshopper, instead of the ant.
Hate to Bug You, But This is Important
Looking first at long-term care insurance. The best time to buy might seem to be later in life. The longer you wait, the more you’ll pay – or even risk being turned down altogether. According to a CNN Money article, a 55-year-old couple could expect to pay around $4,800 for an example LTC policy, whereas a 60-year-old couple would be looking at $6,400 for the same policy.
Likewise, according to the American Association for Long-Term Care Insurance, if you wait to purchase until you’re in your sixties, you run a 1-in-4 chance of being rejected completely. But buy in your fifties, and that risk of rejection drops to 1-in-7.
The reason people don’t typically buy LTC insurance even earlier is because many factors can change from the time you purchase your policy to the time you need to use it. Plus, you likely have more pressing financial concerns when you’re younger such as children’s college, mortgage payments, or student loans. Keep in mind though, many long term care insurance plans offer to lock you into a much lower rate at a younger age.
All things considered, at any age it’s worth your time to seriously consider purchasing long-term care insurance. If you are in your mid-fifties (or older) it is vital not to delay. Wait much longer and you risk facing monumental costs for nursing home, assisted living, or in-home care when you actually need it.
LTC insurance isn’t the only place you’d want to be the ant. If you delay signing up for home, auto, or life insurance, you could also find yourself “out in the cold” like the grasshopper.
Stuff happens in life. Unlike the grasshopper, who knew winter was coming and simply chose not to think about it, you don’t know when an event will happen such as an auto accident, home invasion or fire, or unexpected death.
But you can choose to be wise like the ant. Plan ahead. Live for today, but be prepared for the future, for whatever may come. Chances are, you’ll be glad that you did. So go, young grasshopper, and prepare yourself.
