No one wants to think about growing old but let’s face it, growing old is, indeed, a predictable fact of life. What no one can predict however is HOW you will age and whether or not you will need help taking care of yourself. It would be so much easier if we had a crystal ball but we simply don’t.
What we do know is that the cost of a nursing home, assisted living or in-home care can be enormous and completely obliterate a family’s savings. Because of this almost unbelievable expense a long-term care insurance policy can be a smart move.
Of course such a policy might not be for everybody and that’s why you must do your due diligence and ask questions of your insurance broker. He or she should be able to present you with options and assist you in coming to the right decision for your unique circumstances.
Of major importance is why you may be thinking about getting the insurance in the first place!
- Is it to protect your assets so that you will be able to leave an inheritance for your family?
- Is it because you don’t want to place an unnecessary burden on your family causing them to have to care for your physical needs should you no longer be able to care for yourself?
- Is it because you are starting to be concerned about your declining health?
Unlike other types of insurance (i.e. auto, home owners), LTC insurance is not mandated and requires you and your broker to carefully assess your situation.
Some important things to consider are:
- Statistics show that 70% of individuals 65 years of age and above will require some sort of long-term care.
- Medicaid can only come to your “rescue” if you have almost totally depleted your savings.
- The high cost associated with assisted living, nursing home and in-home care is only going up.
It doesn’t take a math whiz to recognize that having to pay out of pocket for these services (and for even a short amount of time) can totally deplete savings. It’s scary but true and so you must protect yourself. 
Call your insurance broker to review your situation and see if LTC insurance is right for you. Your broker will be able to answer your questions and help you to make sense of what can be very confusing.
Whether it turns out that you are a good candidate for LTC insurance or even if you are not, you’ll become more informed and knowledgeable, and hence, should be more confident of what lies ahead in the future.
Now if only we had that crystal ball.
