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article:
Long Term Care Health Insurance: What is the Cost of
Not Buying?
No one would dream of
trying to purchase car insurance after you have smashed the car,
but less than 17% of all eligible people age 50 and over have invested
in .
The reasons for neglecting
this important piece of senior planning are varied, ranging from
misperceptions about it being "too expensive" to a sense of denial
about ever "needing" it. After all only about 3% of all seniors
over the age of 65 today will ever be in a nursing home.
The reason so few will
receive nursing home care is because most people are taken care
of at home–at tremendous cost to their loved ones. Caring
for an ailing loved one takes an emotional, physical, and financial
toll on the care giver. Would you rest easy in your grave if you
knew that a daughter or daughter-in-law was herself in need of care
after exhausting herself in an attempt to take care of you? If you
have not invested in long term care insurance, that's exactly the
future you could be setting up for those you love the most.
Long term care insurance
is not, as most people think, nursing home insurance. It is a plan
for your care in your senior years. Properly worked out, it involves
your family and allows you to stay at home, in an assisted living
facility, or–if necessary–a nursing home. The plan has
to be funded. Since most seniors have other plans for their 401k
plans and IRA accounts, insurance is an ideal option. For a fraction
of the cost of actually paying for care out of your pocket, you
can prepare the way for a company to take over you care when the
day comes that you need it. And if you purchase in your 50s, what
you will pay in premium for an entire year will be a fraction of
the cost of just one month in a nursing home.
You can’t afford
not to do it.
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