Protect Your Health and Finances with Long Term Care Insurance

You work hard all your life so you can have a happy, comfortable retirement. You might even feel confident with the knowledge that if you were to get sick or injured, you have the necessary assets to cover some long term care assistance as you age. This could be the very definition of planning for the future.

But are you really financially prepared for serious long term care? Nursing home and in-home care can be very expensive. You could deplete a retirement nest egg in just a matter of months. Without a long term care insurance policy, you’re paying right out of your own pocket for your long term care. Will your health or your finances give out first?

Many people believe that they can rely upon their children or grandchildren to care for them as they age. Surely, they can help care for you if you need long-term care. They might be more than willing to take on this job, too. But what happens when your caregiver goes on vacation, or just needs a break? What if your long term care needs become constant and are more than your loved ones can provide?

According to the independent Long Term Care Guide, purchasing long term care insurance before you need it helps to eliminate these risks. A long term care insurance policy gives you peace of mind that you will be well cared for, no matter what your assets are, and without becoming burdensome upon your family. You might never need it, but as you hear about friends who were felled by a broken hip or stroke, and their struggles getting or affording care, you will rest easy knowing you took charge of your health before it took charge of you.

Let’s say you have amassed a nice retirement nest egg, but suffer a stroke. Hard to think about, sure, but strokes are common and can require long nursing home stays. The average annual nursing home cost per year is upwards of $60,000. If you live near a large, metropolitan area, the cost will be more. Even if you need just a few months of care, this is a large expense to shoulder. Add in other costs associated with your long term care and you could be talking a large sum of money, paid for out of your pocket without a long term care insurance policy.

If you don’t have sufficient assets to pay for your care yourself, or the co-pays required by Medicare, your family might end up shouldering the burden. Your children or grandchildren might have to pay for some of your long term care. If you think ahead, purchase a long term care insurance policy and plan for the future, you effectively protect yourself and your loved ones.

By purchasing a long term care insurance policy before you need it, you not only give yourself peace of mind, you handle several problems simultaneously: You protect your precious assets; you give peace of mind to family members who will handle your long term care; and you ensure that when and if you need care, not only will the costs of your care not deplete you, but you and your family won’t even have to worry, as the bills are handled by your insurance company.

Long term care insurance policies can be expensive (and they get more expensive if you wait until you are 65 or older to purchase one), but can truly provide peace of mind and pocket for the rest of your life.