Greater Perceived Risks

Long- term care insurance serves as the guaranteed planning tool for mitigating the uncertain and risky price tags associated with long-term care costs. Your odds of living well into your 80’s and 90’s are quite high and with this, your chances of needing long-term care are also quite high. Both your odds and the ever increasing costs of care would suggest it may be wise to put a long-term care insurance policy in place, however even so, many individuals will choose to forgo insurance and opt to self insure. If you are one of the many individuals who tends to shy away from the concept of long- term care insurance, you are likely also one of the many planning to self insure or fund from your out of pocket funds, investments, and savings. Successful self insuring is contingent upon the basis that you are able to bring in enough liquid assets to foot the bill for any unexpected/expected future costs of your care. You must also be certain you will be able to bring in a healthy income to support yourself as well as your loved ones, even after you have passed on. However, a large portion of the confidence to self insure lies in many assumptions which when brought to light, present greater risk than initially perceived.

Mitigating Risks Through Crisis

It is important to recognize that our perceived confidence in both our income and investments can come to a fast and steady halt, as widely experienced by many individuals braving through this current and unexpected crisis today. Millions of individuals around the world watched as in a matter of weeks, days, or hours their financial portfolios dropped in half and many other careers halted. The current state has left many re-considering the decision to self insure versus opting for a more secure option such as long-term care insurance. With a long-term care insurance plan in place you can be sure you have secured a pool of money specifically earmarked for LTC expenses that is both consistently tax free and guaranteed regardless, of market volatility. Do not rely on assumptions and “certainties” that can easily be transformed into uncertainties overnight. Assuming you may have enough assets to self insure without understanding the true risks associated with a long-term care event can leave you especially vulnerable in the face of another crisis. When you choose to self insure, not only must you be 100% certain that you will be able to shoulder the costs of all things insurance typically helps cover but, you must also be sure you will be able to cover these costs even in times like these.

 

If you are ready to stop shouldering the risks in the face of  the unexpected on your own and wish to reconsider your options for long-term care insurance, reach out to an agent today. If you or someone you love is interested in Long Term Care or Long Term Care Insurance be sure to visit: LTC TREE for more information.