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
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
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