Growing older is something many people fear, and it’s not because they are afraid of death. Many people are afraid of what comes with old age. The fear of dying is so much less than the fear of losing the quality of life a person is so used to, and it’s completely understandable. Right now you might sit back and watch older family members and friends as they struggle to do even the simplest of tasks that they once accomplished with fervor and gusto. The simple act of checking the mail or bathing oneself often becomes too much for some elderly people, and that’s difficult. This is what makes people nervous about growing older. The loss of independence some people experience is difficult. No one wants to rely on other people to care for them when they once were perfectly capable of caring for themselves.
However, age happens to most everyone. And that’s what long term care insurance is for. It’s the insurance you buy so that if you ever find yourself in a situation where you cannot care completely for yourself, you will be reimbursed for the funds you pay caregivers to help you care for yourself. This is something that works with both in home and out of the home care; and it’s a great way for you to ensure you can afford the help you need without burdening your loved ones for that kind of help.
You have the choice to view policies and get the kind of care you need based on what you think your future holds. You have the power to customize your policy to best fit your needs, which is going to help ensure that you are taken care of as you age. If you’re not sure that long term care insurance is right for you, let us help you make that decision based on the facts.
Do I Need It?
Yes, in short, you do need long term care insurance. There is nothing worse than regret, and buying this policy is not something you will regret. Sure, you might pay for premiums each year and never use this policy. However, what’s to regret about that? As you get older and realize you don’t need this policy and you wasted all that money, you’re not going to regret your decision because you have your health. There’s nothing to regret about growing older and not needing to pay for special care that will enable you to do the things you used to do on your own. You’re still doing those things.
Anything Can Happen
Even if you are healthy as can be right now, anything can happen. At any time you could contract an illness that renders you unable to care for yourself. The future is so uncertain, and the cost of health care at home and at a facility could cost as much as $250 per day. That’s a lot of money to have to pay to help you live; especially if you cannot afford it. With a long term care insurance policy at your fingertips, you will be reimbursed a set amount of the money you spend each day, which can ease your financial hardships and make it entirely possible for you to acquire the help you might someday need.
Who is it For?
This is for people who are growing older. Long term care insurance is for the middle class. The wealthy can reasonably assume that anything that happens to them is not going to cause them financial hardship. The poor can rely on government assistance programs such as Medicare, even if that does come with quality care concerns. However, some people simply cannot afford to pay for long term care insurance, so they have no other options but to rely on Medicare as they grow older. The middle class, however, make too much money to qualify for government assistance and the rich can pay for their own care when they’re older.
If you have a spouse and/or children, you will need this policy. You will need it because you cannot ask them to stop their own lives and quit their jobs to care for you 24/7. You also cannot ask for them to pay that kind of money for the care you need, especially since so many families struggle as it is. It’s a good idea to pay for this policy now, before you are diagnosed with any health issues, so that you are protected in the future in case you need that kind of protection.
It’s a Gamble
For the most part, the cost of long term care insurance is a big gamble. You might not ever need it, and you did waste that money. However, it’s not a bad deal to waste money protecting yourself. After all, you pay for homeowners insurance and care insurance and health insurance you might never, ever need. You might go your entire life without ever filing one claim with your car insurance or your homeowners insurance, but do you consider the regret you should have for paying years of premiums you never used? No; because you knew that entire time that if something happened to your home and belongings or to you and your car, you were protected. Many people choose to look at their long term care insurance in the same way. It’s something that will protect them no matter what; and it’s a good idea to get this insurance if you’re not sure you can afford the future that you already have planned.
Even with retirement savings, the cost of healthcare for seniors is very expensive. Don’t put yourself into a situation you cannot afford or that your family cannot afford. Do yourself the favor of investing in your future, even if it does turn out to be a waste. You might disagree with the value of this policy, and that’s fine; it certainly is not for everyone. However, long term care insurance is something you should at least consider seriously before making a final decision.
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