Long-Term Care Insurance: Reasons Why You Need It

The fact is that 70% of us will need long-term care after getting to 65 years of age. We are used to other types of insurance such as car insurance, medical insurance, or housing insurance, but not long-term care insurance. On the other hand, the probability of requiring nursing home care is higher than house damage or your car being screwed up.

Long-term care insurance should be among the top priorities for both the elderly in their 60's or early 70's and the middle-aged. In addition, statistics show that women are at a higher chance of needing long-term care than men. Read on to find out why long-term care insurance is essential.

You Have the Freedom to Access Prompt Quality Care

Old age comes with dependability and relying on others to help perform daily care activities, including in-home assistance. All you may have are friends and family who might not be available all the time. The process might be too expensive, and most people end up spending almost all of their assets. However, with long-term care insurance, you will access the care you need faster because the funds are available.

Take time to assess your situation and think about how it might change as you age. Think about the people around you. Will they be accessible whenever you need them for your bathing and dressing? Would you be comfortable with them doing all those daily care activities for you? How about them? Will they be satisfied?

To Protect Your Hard-Earned Assets from High Costs of Long Term Care

Most people depend on their retirement benefits and savings to cater for their nursing care. But wait! How many years or months will that take you?

Nobody knows for sure how long they'll live, which makes it hard to figure out how much savings they'll need for long-term care. In addition, you'll want to protect your children's inheritance or keep part of your assets for your spouse or other family members.

You Have a Say in Choosing Where to Receive Care

When you have long-term care insurance, you get the voice to say where and how you want to receive your care. You may decide to receive your care at home, but Medicaid will be the only option left once your assets are down.

With Medicaid, you have no choice because it caters to nursing homes only. However, buying a long-term care insurance policy will take care of you no matter the place you choose. It can be at home, a hospice care facility, a nursing home, an adult daycare, or an assisted living facility.

Get your Long-Term Care Insurance

Long-term care is a subject that will affect every individual directly or indirectly at some point. The future is unpredictable, and the earlier, the better.

Many people presume that acquiring a policy later will lower the premium costs. They fail to understand that the more you wait, the higher your chances of being locked out. This form of care is not 100 percent covered by Medicaid. If you don't properly plan for it, it will become a substantial financial and emotional burden for you and your family.