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why get long term care insurance

Americans are living longer than ever before. Because of this, they require more Long Term Care due to the normal effects of old age as well dementia-related illnesses like Alzheimer’s. Almost 70% of people over the age of 65 will need Long-Term Care at some point. This type of care can be very expensive because daily care is needed for years. It makes sense to get a quote and find out if Long-Term Care insurance can be a part of your retirement planning.

Long-Term Care Insurance can help you:

Maintain your assets for yourself and your spouse

If your spouse needs Long-Term Care, Long-Term Care insurance can help ease the burden on you. With Long-Term Care insurance you can have the assistance of a paid home health aide, so that the burden of caregiving does not rest entirely on you. If you need Long-Term Care, insurance can help to protect your assets so that you do not have to spend the majority (or all) of your assets on your own care, leaving no nest egg for your spouse and their future needs.

Maintain your independence

Long-Term Care insurance can help you to pay for assistance with simple activities of daily living in your own home. This extra assistance may help to prevent injuries and falls, thus allowing you to continue to live in your own home for as long as possible.

Maintain your freedom of choice

Those who intend to rely on Medicaid for Long-Term Care face two major issues. First, you may have to use up all of your assets

in order to qualify for Medicaid. Second, with Medicaid, you may not have the choice to stay in your own home and you may have no choice when it comes to nursing facilities because Medicaid only provides coverage for Medicaid-approved facilities. With Long-Term Care insurance you can maintain your freedom to choose the setting, providers and facilities that are right for you.

Avoid being a burden on your children or other family members

Your children may be willing to provide care for you, but it may be at great physical and emotional cost to them and to you. With Long-Term Care insurance, you can ensure that you have assistance from a trained health professional to help you with your daily needs, without having to rely on your children or other relatives.

Have peace of mind

If you know your Long-Term Care needs are covered, you can enjoy your retirement years without having to worry about setting aside extensive funds for potential Long-Term Care needs. If you are living on your own or if you don’t have family support nearby, Long-Term Care insurance can give you the peace of mind that you will have the assistance you need when you need it.

Remember, Long-Term Care policies charge a fixed monthly premium based on your age and other factors at the time of purchase. Your premium cannot be increased due to changes in your health or your advancing age. In addition, Long-Term Care policies are guaranteed renewable – as long as you continue to pay your premiums, you will continue to have coverage.

Category: Insurance

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