Long term care insurance is purchased to help cover the costs of long- term care. Those costs can often be associated with either at- home care or care within an assisted living facility. Making the decision to purchase long term care usually involves weighing your costs against your risks. Most individuals will consider how likely they are to need future long term care against their costs. However, there are many other factors aside from probability of care and cost, which most individuals will consider. Although costs, benefits, and budget will all come into play it is important to consider some of the real reasons behind purchasing long-term care;
1. Ensuring Family is Protected
When it comes down to it, 70% if us will require long-term care. Additionally, most of us will wish to receive this care in our homes and the length of this care will typically range from 1-5 years. For those of us who do not obtain long term care insurance, aging in home will involve unpaid and countless hours of care provided to us by a loved one. Those of us who need more intensive care, will likely age within a facility also paid for and selected by a loved one. This can place a great financial and emotional strain on our loved ones as they struggle to balance the time, emotions, and monetary necessities to fund our future care. Long term care insurance can help add peace of mind to your own plans as well as lessen the burden of our loved ones.
2. Ensuring Your Desires are Honored
Long term care insurance can help ensure you have options to choose from now when deciding on your future care. Having insurance in place can help expand your options on where you can receive care and how you wish to receive care as well. Your policy can help you gauge what level of care and services you can expect within your policy. By putting a policy in place you can help ensure you are less limited in options due to unexpected finances in the future. By planning now you can also ensure your current wishes are met even in the future regardless, of a deteriorating physical state .
3. Protecting your retirement funds
It can be difficult for people to ensure they accumulate enough retirement saving to last through the remainder of their lives even without taking into account long-term care expenses. When you consider this, coupled with the fact that long-term care is very expensive, the need for insurance to help protect your savings becomes apparent. Any sudden need for care could quickly deplete though your retirement saving and an insurance plan can help lessen that burden on your savings. A long-term care insurance plan can help account for any unexpected future long term care.
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.