What are the odds?
Your chances for one day needing long-term care are actually quite high and go up rapidly as you age past 65. This is why as we age, we also have a higher chance of needing long term care insurance. Whether you develop an illness, injury, or a chronic disease like Alzheimer’s or Dementia, the need for long term care can arise almost suddenly. However, this does not mean you have to be unprepared and on the contrary, you should spend time planning out your future. When considering your risk for needing this type of care, you should also consider your health family history.
Surprisingly, not many people take the time to discuss important topics like aging, disabilities and long term care however ,brushing off these topics can result in unpreparedness and financial troubles down the line. When it comes to long term care, the costs are steep and you will likely end up wishing you had coverage should you end up needing it. So make it a point to discuss long term care with your family. Talk about planning for you future long term care costs and whether or not long-term care insurance makes sense. There are also other factors to consider when discussing price of insurance and probability of using your policy. For example, If you are married their exist certain discounts you qualify for and if you are a woman you are also more likely to need care. Given that all women are more likely to need long term care and studies also show that women tend to be less financially prepared for this occurrence.
It’s important to plan ahead for long term care insurance both from a cost and preparedness standpoint. The younger or better health you are in now the lower your premium costs will be. Should you need care, you will have high costs and long-term care insurance can help mitigate these costs. These costs can depend on a number of variables such as how duration of care, your location, and which provider you choose. You should also note that most of these long-term care facilities will charge additional costs for specialized services such as, physical and speech therapy, or memory care. The median annual cost of a nursing home is over $80,000 therefore, if you plan to self-insure you should ensure you can afford these costs.
If you or someone you love is interested in Long Term Care Insurance be sure to visit: LTC TREE for more information.