As surprising as it may be, millennials are in fact planning ahead for their long term care over baby boomers. Interestingly enough, majority of the baby boomers have not taken action in regards to preparing for their future. According to Senior Housing News, only 1 in 5 people have taken any type of action towards financing their future and preparing for long term care.
Not to mention, most of the older generations were much less informed and thought that the government would pay for their long term care. Millennials on the other hand, expected to pay for it themselves. They were also more likely to have taken some sort of action in preparing for their long term care.
Although it is never to early to start planning, these statistics are somewhat concerning. Most people who haven’t started saving for their long term care, most likely don’t realize how costly it really is. Without having a policy in place, you will not be able to care you need. Especially if you need it much longer than planned for. Even if you do have the money for it, you will end up forking over so much money that could have been left for your family or loved ones.
As scary as it may be to think about aging, it’s much scarier to think that you may not be able to pay for the care you need to live a longer, healthier life. Rather than avoiding it, learn about it, prepare for it and invest in it. Think about the impact it will have on you in the future when you have one less thing to worry about because you chose to enroll in a policy that would protect your assets and your life savings.
There are many options in regards to costs. The younger and healthier you are the lower the premiums you will pay. Take control of your life and gain some peace of mind by researching, preparing and taking action. You will thank yourself later, and so will your family.