Time to Buy Long-Term Care Insurance

If you have a family history of Alzheimers, strokes, or other debilitating age-related illnesses, you may be more aware than most of the extreme financial costs of dealing with these hardships.  Knowing these risks often prompts Americans to consider some form of long term care insurance, or LTC/LTCI to protect their families and bank accounts from devastation when or if they become elderly and infirm. 

First of all, you should know what types of services can be covered by long-term care policies in order to make an informed purchase.  Typically, there are two types of care that can be provided, depending on your needs.  The first, skilled care, refers to nursing and other specialized treatment from medical professionals, either in your own home or in an appropriate facility.  The second, personal care, refers to services from non-professionals and usually encompasses assistance bathing, eating, toileting, supervision, and other tasks that cannot be successfully performed by someone with a severe physical or cognitive impairment.  LTCI covers both of these types, and does so whether you have treatment at home or in an institution. 

Whether or not you should purchase long term care insurance depends on several factors.  The first is your age.  Very young people do not usually warrant a policy like this, and will not be penalized for waiting to purchase one.  However, once you are approaching retirement, it is time to seriously consider your needs, your financial situation, and your health to determine if such coverage might be beneficial for you.  Remember, the costs of nursing home or in-home care can be extremely prohibitive.  While Medicare covers some expenses, there tend to be large gaps and many limits on what can be provided.

Consider also whether or not your family can afford to take care of you if your health declines rapidly.  Most adult children do want to be caregivers for their parents when the time comes, but many cannot afford the time off work and the financial sacrifices for their own children.  In other cases, they simply don't have the skills to provide what you might need, and expecting them to shoulder the monetary burden for your care is surely not something you want to do.  Parents look forward to leaving their children an inheritance, providing for their grandchildren, even after they have passed on.  Without long-term care, you may find that your children and grandchildren are the ones left in debt because of you.

We understand that you have worked hard for the money you've earned, and you should be able to will it on to your family, to charity, or to others as you see fit, after your passing.  Why allow the costs of long-term care to bankrupt you when you can purchase protection for a reasonable price now?  Get a quote on a LTC policy, compare your options, and most importantly – give yourself and your family members the peace of mind that comes with knowing you will have what you need, when you need it.  Act now for the best prices and most comprehensive coverage.