Long
Term Care Insurance: Weigh the cost of buying vs the potential costs
if you don't.
Middle
aged individuals who ponder Long Term Care Insurance usually think
about the impact nursing home care will have on their retirement
portfolios, or about the likelihood of ever needing nursing home
care based on the family history.
The most common belief,
if you are close to your family, is that the kids will take you
in when you need care. Some even tell us that their kids have said
they will "never" let you go to a nursing home. Based on that promise,
you think you have a plan in place.
Only about 3% of people
over the age of 65 will actually be placed in a nursing home, but
the stark truth is that six of every ten people over the age of
65 (The ratio for baby boomers is higher yet.) will need some form
of extended care before they die. The majority of those needing
care will be cared for at home at tremendous cost to your own spouse
or children.
Buying Long Term Care
insurance isn't entirely about you. It's about loving your family
enough to take steps to keep them from suffering on your account.
Usually the caregivers are middle aged women with jobs and children
of their own. They often have to take time off of work or even quit
their jobs to take care of aging parents.
Taking care of you can
be devastating to those you love. Elder law attorney Harley Gordon
reports that a care giver can easily spend four years of her life
taking care of an ailing loved one. Add that to the years taken
by child rearing, and a woman stands to lose about $25,500 in Social
Security retirement benefits. In other words, when she gets old
enough to retire, her Social Security will be less, partly because
she lost work to take care of an ailing family member.
Those who unwittingly
bring this physical, emotional, and financial suffering upon their
families all have three things in common. 1. They don't expect to
live long enough to need extended care; 2. they don't believe they
will ever be that sick—it always happens to the other guy;
3. they lack a realistic awareness of the complex cost of taking
care of an ailing adult.
The time to begin a dialogue
with your family regarding a Long Term Care plan is while you are
still in good health. If you wait until you actually need the care,
it will be too late to plan, and the burden will be on the family.
You need to decide how and where you would like to receive care
and how you intend to pay for it.
Long term care insurance
gives you options. It allows you to receive care in your home or
in a family member's home—but without forcing them to neglect
their own needs to take care of yours. Long Term Care insurance
allows you to receive care at home, in an assisted living facility,
or—if necessary—in a nursing home. It assures you of
a way to protect the legacy you built while sparing your loved ones
the guilt, pain and cost of having to manage your care on their
own. No adult who loves their family and is financially and physically
qualified to purchase LTCi should ignore this important part of
senior planning.
Find a policy that covers
a variety of services at a price you can afford. Get started
now by filling out the .
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