Once you are getting close to retirement and long term care, many start to stress about the cost of long term care. Not being able to afford it is one of their biggest concerns. Many surveys suggest that many people will not be prepared financially to handle the impact of growing older will have on their finances.
According to an article published by insurancenewsnet.org they claimed that, “…only half of the respondents said they plan to take personal financial responsibility for their own care as they age. The others said they would leave that worry to the government, their children or family, community or faith-based organizations, or had no idea who would provide their care.”
Clearly, many people are unprepared for the long term care costs and how they will handle them. It’s extremely important for families to talk to their loved one about their plans and how they are going to pay for their care. If you or your loved one has not enrolled in a policy it’s important that you educate them on long term care and their payment options, or encourage them to talk to someone who has information on enrolling in a policy.
There are so many misperceptions people think their long term care will be paid for, in turn leaving them unprepared for the extreme costs of long term care with having a policy.
People need to prepare as early as possible. Retirement costs are often overlooked, and many people end up wiping out their savings. Enrolling in a policy can protect your assets against the costs of long term care. Looking into payment plans and policies can keep you from putting you and your family in a financial crisis. Talking to someone about your options is the best way to protect yourself financially and make sure that you are covered in the long run.