It is easier to keep up with the cost of living than it is to face long term care (LTC) costs. For as long as you are employed, rest assured that you can put food on the table but without a long term care insurance (LTCI) policy you can neither stay in a nursing home nor acquire community-based care or in-home care.
Let’s face the fact that nothing is impossible to acquire when you’re receiving a monthly paycheck but once you’ve retired and your only source of income is your retirement money, Social Security allowance and whatever is available in your nest egg, you have to be cautious on spending.
Unfortunately, just because one has retired it does not follow that he does not have to pay for his basic necessities anymore. He still has to buy his pantry supplies, pay his bills, and buy his own paracetamol when he has a headache so suffice it to say that his total funds won’t last should he require serious care in a nursing home or an assisted living facility someday.
Before one reaches the age of retirement, he has to have a health care plan that will back him up financially in case he would need in-home care, community-based care or nursing home care.
If you think you will not need that sort of care in the future, then you are one of the many who is at risk of losing everything that he owns to the high cost of care. Bear in mind that it is not only people with a genetic predisposition to cancer, Alzheimer’s, diabetes, and heart diseases who will need LTC n the future because current statistics show that 40 percent of the population receiving care hails from the 18 to 64 age group. Everyone will eventually require LTC for different reasons so don’t wait for the day that you’ll need it. Plan for it today and spare yourself and your family from possible financial losses.
Long Term Care Insurance and its Benefits
Unlike regular health insurance, LTCI does not provide coverage for medical care only. Once you are no longer capable of performing the activities of daily living (ADL) such as eating, bathing, toileting, dressing, continence, and transferring due to a chronic illness, an injury, or weakened bones resulting from old age, your LTCI policy will foot your bills in a nursing home, assisted living facility, or the expenses that you would incur from home health care.
As people age they begin to experience gradual changes in their health which eventually hinder them from bringing in money that would finance their personal needs and that of their family’s. Aging is inevitable and everybody will have to stop working at a certain point in his life.
Before you reach that phase, might as well construct a good plan that will ensure your financial protection. If you’re currently in your 40s or 50s you should be planning your life after retirement already lest you wind up working till your 80s despite your frailty.
Long term care insurance is definitely worth looking into. You can even ask a licensed LTCI representative in your area to guide you through the ropes.
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