The shaky economy of the early 2000’s still has most people looking for ways to cut back. One that often gets neglected is long term care insurance. Take a minute and think about your insurance coverage. Do you have adequate coverage in case you or a loved one suffered from a long term illness or accident? Are you ready for your retirement? If you don’t have long term care insurance, the answers are probably “no.” Here are four reasons why you need long term care insurance.
To Maintain Your Independence
One of the biggest concerns of the elder population is that they’re a burden to their family members. Long term care insurance can help provide for your long term care so you or a loved one won’t be a burden and can continue to live independently.
To Preserve Your Family Home and Assets
As unfortunate as it is, many people are left coping with financial hardships and devastatingly difficult decisions when they, or a loved one, need elder care. Thousands of people are forced to sell their homes and watch their life savings deplete while they pay for long term care. We all like to think we’ll live forever and never get sick, but it’s better to be prepared. Take heart! There is a bright side. In some cases, part of the premiums may be tax deductible. Many people are pleasantly surprised by how low their long term care insurance rates really are.
To Have Peace of Mind
We’ve all heard that stress can kill you-- it’s a medical fact that stress can lead to serious health conditions. While having long term care insurance won’t prevent illness or injury, it can provide peace of mind to just know that you’re covered in the case that you should become disabled long-term. You can rest easy knowing that you won’t have to rely on a loved one to care for all your needs.
To Keep Your Options Open
Although Medicare doesn’t typically pay for long term care, they do occasionally pay for short term nursing care. To be eligible for even the short term care, they require proof of limited assets and income. When they foot the bill, you have little or no say where you stay or any control over the quality of care. Long term care insurance gives you the freedom to make choices as to not only where you live but the quality of your life. You can choose whether you would prefer an in-home nurse or select a nursing home where you want to live.
Long term care insurance may seem expensive, but when you consider all that it can provide to you or a loved one, you’ll realize it’s a worthwhile expense. After all, your peace of mind and general welfare are worth the money.
