Top 3 Reasons to Get Long Term Care Insurance

This article is about Long Term Care insurance (LTC). That’s the type of insurance that pays for someone to come into your home and provide assistance with day-to-day activities or that pays part of the cost of a facility that is providing assistance with day-to-day activities.

Let’s be honest: No one relishes the idea of planning for their life to go wrong. It’s a struggle to get people to acknowledge that bad things could happen them. If you would like to talk to one of our Healthcare Coaches about long term care insurance, contact us. We’re here for you.

Here are the top 3 reasons why you should consider getting Long Term Care insurance:

   1.     Saving Money and Protecting Assets

Everyone’s situation (and budget) is different. LTC insurance is not cheap. Purchasing LTC at the age 55, an average person will pay around $2000/year in premiums. But that policy will pay for itself quickly if a person needs nursing care or round-the-clock care at home for even a short period of time (which costs upwards of $60,000/yr). Also, depending on your policy, it may pay for needed modifications to your home such as widening doors or installing ramps.

   2.     Preserving Independence

If the worst happens, and you find yourself unable to perform the day-to-day tasks of life, LTC insurance may mean that you can stay in your own home, get the help you need, and not have to worry about depending on loved ones.

   3.     Quality of Life/Care

If you require care in a facility, then LTC insurance may be the difference between choosing to go to a facility you prefer and being limited to lesser quality facility based on your budget.

There are no guarantees in life. No one can predict with accuracy who definitely is or is not going to need long term care. You may spend thousands on a policy you never use. But you may also bankrupt yourself for paying for care you didn’t expect to need. It’s a very personal decision and not an easy one.

If you need someone to talk it over with, utilize a Cariloop Healthcare Coach, who is an unbiased party who can walk through the decision-making process with you. You don’t have to go through it alone. Become a member or call 1-844-790-5667 to get started.

By Julie Coats, LBSW, JD, CCM

Check out these related articles:

–  5 Things to Know About Long Term Care Insurance

–  Do You Need a Medical Power of Attorney?

–  3 Documents Every Caregiver Should Have