The prospect of having to be dependent on someone else for care someday is something no one wants to think about or talk about, but eventually we are all faced with the possibility of long term care. Statistically, some 60 percent of those over 65 will require some kind of assistance in the future, but less than 30 percent of those are prepared financially according to a CBS News report.
People typically either don’t know that Long Term Care Insurance is available, or they believe they can rely on Medicare or private insurance to make sure they get the care they need. There are a number of reasons to believe that isn’t true. Any of us who have had loved ones in long term care dependent on Medicare know that all of their expenses haven’t always been met. Private insurances also don’t cover everything 100 percent. A long term care policy is a way of planning ahead to make sure you and your family get to make the important decisions when you need to make them.
Although long term care insurance policies vary depending upon the carrier, the important thing about them is to begin the discussion while you are healthy. The time to start thinking about long term care insurance is when you start to think about sending your children to college, about the time you reach 40 or 50, but before you are 65.
The other important thing about long term care insurance is that you aren’t necessarily purchasing insurance to pay for your own nursing home, either. Long term care insurance allows you to make choices about your care. Everybody knows we sleep better in our own beds and we recover better at home. Long term care insurance can help provide for in-home care, and the necessities that make your recovery easier. It can even provide training for a family member or friend to become your caregiver. Home modifications, special equipment and medical alert systems can also be available with a long term care insurance. If necessary, you can get care in an assisted living or nursing facility.
As a fairly young, independent person, it is always difficult to think about or talk about becoming dependent on others for care. It makes sense that planning ahead for long term care is something I need to talk to my family about. Call an AC Financial advisor at 800-564-3136 to see if adding a long term care policy is right for you.