When purchasing most insurance, the goal is that you hopefully never actually have a need for it. You likely wont find many individuals feeling left out due to the fact that their home never went up in flames thus, allowing them to fully utilize their homeowners policy. Most car owners are not disappointed every time they safely avoid a collision and you probably aren’t annoyed when you have no need to collect on your renters insurance policy. So given that you likely have all of these types of insurance, yet you manage to successfully avoid all catastrophic life events, would you find yourself upset you “wasted” all your premium payments or thankful that you never had a need to collect on these major insurers? Think about it. Even still, when discussing long-term care insurance(LTC) ,many reports show that countless individuals may shy away from obtaining a policy due to the fact that they fear they may never need or collect on their individual policy. The thought that your home may never burn, your car may never fail, and your health may never waiver will not deter you from protecting and insuring yourself and long-term care insurance shouldn’t be handled any differently.
Long-term care insurance helps cover the steep costs associated with long-term care. This care typically includes home care, assisted living, adult daycare, respite care, nursing home care, and more. Long-term care covers care not covered by health insurance and helps those who are unable to perform at least two of the six ADLs such as eating, dressing, bathing, continence, toileting, and transferring. There are various types of policies available from traditional to Hybrid policies each with different offerings.
Hope for the best, plan for the worst
Despite not knowing whether or not you will someday need care like with most other insurances, it is wise to hope for the best but plan/expect the worst. You should also note about 70% of individuals aged 65 and over, will require some type of long-term care. There are also many other external factors which could help indicate whether or not you will need care such as, a family history of chronic illness, declining health, and a singular living situations. Accurately predicting whether you will need care or not is impossible however, deciding to prepare anyways is always an option. You should begin your research on the subject and shop the market. Decide whether shoulder the cost of care is a risk you are willing to take or work with a licensed agent to help learn your options.
If you or someone you love is interested in Long Term Care Insurance be sure to visit: LTC TREE for more information.