Do You Need Long Term Care Insurance?

Long term care insurance is one of those things that most people think that they will never need. And if they do see a need for, it’s usually something that can be delayed–or so the common attitude toward this type of insurance product goes.

 

About ten years ago, the odds that someone age 65 or older would need senior care were about 50 percent. Today, those odds have increased. It’s estimated by the U.S. Department of Health and Human Services that about 70 percent of elderly individuals will need senior care during their lifetime. This statistic is a good case for the need for long term care insurance, but that doesn’t mean that it’s for everyone.

 

Cost keeps many people away from this type of insurance. Paying for an insurance policy out of pocket month after month is not easy for most people, especially if there’s no guarantee that you will ever need to use the benefits that the policy covers. Depending on the type of policy that you purchase, different types of care may or may not even be covered.

 

Long term care insurance can be a good way to reduce the cost of senior care later in life.

 

But for most insurance policies of this type, the sooner you purchase the policy the less you will spend. Yes, you will be paying the policy for longer, but the amount that you will spend is likely to be less. But even when you add up all of those extra monthly payments, the lower premium that you get from purchasing a policy when you’re young and in good health will ensure that your payments stay lower when you look at the grand total spent. With inflation and economic growth on your side here, the savings will be even larger.

 

Nobody wants to think about their own need for senior care, but as family members, we do have a need to look out for the people that we love. Long term care insurance is one way that we can be proactive about the possibility that we will need assistance as we age. True, it’s not right for everyone, but far more people could benefit from this than currently use it. If you have questions about insurance and how it might benefit you, get in touch with a senior care specialist. Insurance company salesmen can give you information, but they are often not the right place to begin because they make a profit when you purchase something from them. Ultimately, you want to make a decision that will benefit you and your family, not a salesperson.

 

This is a decision that will ultimately be up to you and your family. You know your needs better than anyone else does. Long term care insurance might be something that is not worth the current expense, but it might be just what you need to help relieve the financial burden that care could create for your family in the future.

 

Please feel free to get in touch with us today if you have any further questions on what you can do to help reduce the cost of senior care.

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