Do you need LTC insurance? Think about it this way – when you are old and retired, will you be able to afford long term nursing care? Statistics suggest that up to 70% of Americans over the age of 65 will end up needing long term care at one point in their life. Without proper, prior preparation – many senior citizens risk being a burden to their loved ones.
Not only does buying LTC insurance help you age in style, it can also be good for your family for the following reasons
a) To relieve the burden of care from your loved ones – long term care can be very expensive and failure of proper planning can lead to it being a burden for your family. Insurance can assist you and your family to coordinate long term care requirements without struggling at all.
b) Helps save your assets for your family – you don’t want to work so hard only to use it all for your long term care expenses – leaving your family with nothing. Due to the high cost of this type of care, you can easily deplete a lifetime of savings. LTC insurance coverage helps keep your savings intact.
c) You have options for your care – LTC insurance gives you the ability to choose where and how to receive care. Comprehensive LTC insurance gives you the option of remaining in your home. It is possible for an elderly parent to stay with their children without having to depend or be a burden to them. With the right policy, proper care will be provided for your needs.
d) Skilled nursing care – with long term care insurance, your family doesn’t have to worry about you if and when you need this kind of care. They will know exactly what to do in times of crisis, injury, illness, or any other condition.
e) Help your family plan for the future – with this type of insurance, your family can focus on their future without having to carry the burden of care on their shoulders. At the same time, LTC insurance helps you retain a quality life.
Conclusion
it’s impossible to predict when you might need long term care, and how much you might have to pay for it. That said, buying long term care insurance is the smarter move. It gives you peace of mind knowing that should you need care, you’ll be able to receive it without being a burden to your immediate family members.