Who Needs Long Term Care?

 

 

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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