The Advantages of Youth — Stop Procrastinating!

Are you considering NPFBA Long Term Care coverage? Stop procrastinating! Every year you wait equals an increase in cost for coverage.

Take for example, John Smith who knows that he needs long term care coverage when he’s older but is only 35 now. John thinks that he can wait to purchase a policy, after all retirement is still about 20 years away. However, if John purchases his long term care coverage today his monthly payment on a NPFBA 25-Year, 150 Comprehensive Plan is only $67. If John waits until he’s 56, the monthly payment goes up to $180. Purchasing a long term care policy now will save John $100 a month that’s $1,356 a year.

In addition to saving money, John protects himself in case he becomes disabled tomorrow. Before turning 65, John has a 1 in 5 chance of missing work for a year or more because of an accident or illness.*

Maybe John is really procrastinating because money is tight right now. NPFBA has a solution to John’s problem––the Mod-35 Plan. The Mod-35 Plan is a payment option to help you purchase long term care coverage now instead of later. Until John turns 55, his payment is just $35 a month. During that time, John enjoys all of the benefits of the 150 Comprehensive Plan should he need them. Most importantly for John, since he already has the NPFBA Long Term Care (LTC) Plan he does not have to worry about his insurability at an older age. John gets to keep his LTC Plan the rest of his life while earning an on-going 3% compounded increase of benefits, which by age 55 has grown to $264 per day of benefits. At age 55, John can choose whether to pay the shortage amount created by the lower payments in one payment and then continue monthly payments for the remainder of his term or pay adjusted monthly payments that include the shortage amount for the remainder of his term. In essence the Mod-35 Plan allows John to purchase “term” type long term care coverage with the option to convert to a “whole life” long term care policy at age 55.

If you’re like John and just haven’t gotten around to purchasing long term care or don’t think you can afford it, Stop Procrastinating! Purchasing long term care coverage for you and your spouse now will save you money and increase your benefits. Plus if you procrastinate too long you won’t be eligible for the NPFBA Long Term Care Plan. To join the Plan you must be under 61 and you or your spouse must be an active firefighter. Don’t forget, health buys long term care coverage—money simply pays for it!

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