Individuals are living longer. You hear this reported often in the mainstream media. But, the ramifications of this fact rarely hit home with most people until it’s too late. Take Barbara, for example – a mother of three who never thought her parents would live well into their 80s. Now, Barbara’s father’s health is failing and her mother is too weak to manage. He needs long-term care. But, it is likely too late to obtain a policy because he is more than likely un-insurable, and this will mean the family will have to pay out-of-pocket for the care he needs. People call us all the time AFTER the illness happens to try to buy this insurance. That would be like trying to buy car insurance after the accident.
Most people are not prepared for situations like Barbara’s and are unaware of the significant costs and dangers to financial assets that go with needing long term care services. There is a lack of awareness in the general public about both the costs and financial risk associated with long-term illness. And, as the population ages, Barbara’s situation will become all-too familiar.
Long-term care insurance is insurance designed specifically for this situation. Ideally, one should procure a policy when one is in their late 40s or early 50s when premiums can be quite reasonable. Long-term care insurance assists in alleviating the burdens of paying for nursing home, facility, specialized or other long-term care. But, many people either aren’t aware of this type insurance or, worse, are under the illusion that Medicare or their existing insurance plans will cover these expenses. Long-term care insurance will also protect assets from being drained or sold off before an individual is eligible for Medicaid (welfare).
But, long-term care insurance is not just for the elderly. At any age, an accident or debilitating illness can occur that could require long-term care. Thus, it is wise to purchase a long-term care plan at any age. But, with long-term care insurance, timing is everything. Even waiting just a few years too long can cause premiums to be unaffordable for many people. LTC Tree can help you find a plan that is right for you, whatever your age. If you’d like to learn more about our affordable long-term care insurance policies, simply fill in the form below. Thanks for reading today’s blog. We really appreciate it.
