A recent article
“Do You Need Long Term Care
Insurance?” about
long-term care cited a staggering statistic; By 2020, 12
million older Americans will need long-term care.
With those kind of statistics, it is safe to assume that
you or a loved one will require long-term care at some
point in your respective lifetimes. The need for
long-term care may be brought on by the effects of a
debilitating disease, injury, or simply by the natural
aging process, but one thing remains consistent - you
need to plan for long-term care sooner than later.
Cost
of Care
But how much does long-term care
cost? Unfortunately, the cost of care among
facility-based providers has steadily increased in
recent years. Americans are
paying approximately $17,520 more
per year today for a
nursing home than they had to pay in 2005.
Cost of Long-Term Care
Insurance
The cost of care and the cost of
long-term care insurance (LTCI) are rising in lockstep.
This makes financial planning for long-term care of
grave importance for most families. Without a plan in
place, the enormous financial and emotional toll can
prove devastating. Fortunately, many
free resources
are available to support you in navigating the more
emotional aspects of planning for long-term care.
Long-term care insurance is one option to considering
your long-term care options.
Key Considerations For
Long-Term Care Insurance
First of all, remember that this
is a decision on par with buying a house and getting a
mortgage. Don't allow your decisions to be governed by
fear or emotions. Explore your options and understand
the possible outcomes with diligent research and honest
conversations with knowledgable long-term care experts
as well as your loved ones.
Buy exactly as much insurance as
you think you’ll need; neither more nor less.
Realistically assess your assets and income, and know,
rather than guess, whether you’ll have financial
assistance from family members. Usually, you will have
the option of lowering your amount of coverage, but as
you age and your health declines, it can be increasingly
difficult to raise coverage. Simply another reason why
you should start planning early on. Consider
your options with your family, talk with a professional,
and make sound financial decisions - your future and
quality of life depends on it.
Source: Genworth Financial
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