Long term care ins(urance) is often a topic of debate among older individuals. “Is it a good investment?,” “Should I get it?,” or “Is it even worth it?”—these are often the questions that dominate these discussions. With the all the intricacies and issues surrounding long term care ins, it is not hard to see why people are hesitant.
However, long term care in the country is quite the obstacle to overcome, and it is even more difficult to do so without proper coverage. To help with these struggles, MeInsured.ca shares this post about long term care ins and the reasons why being covered is vital to every American aiming to age successfully.
Share your thoughts with us, and let’s start a conversation about the importance of long term care ins. If you have any questions about finding coverage, then leave us a comment below. We’ll help you secure the future you deserve.
Baby boomers, the generation composed of individuals between 53 and 71, are bowing out of the workforce to enjoy the later years of their lives. Many equip themselves with retirement plans that are enough to support them until their late 80s to early 90s. In fact, five to 10 years ago, 51% of financial advisers assumed that their clients would live to between 85 and 94, and planned accordingly.
However, longevity has surprised everyone. So many people are living beyond 100.
The number centenarians have drastically increased, and they retirement plans were not prepared for it. In fact, in as study conducted by the National Council on Aging shows that only 10% of professionals feel that older Americans are “very prepared” to age. With the price tag that comes with the American long term care, reaching that age unprepared is a terrifying thought.
Need for long term care
Old age is just around the corner, and with it come age-related illnesses such as heart disease and cancer. Approximately 70% of individuals turning 65 can expect to need to long term care services in the next years. However, requiring long term care is not just a concern for the elderly. Individuals younger than 64 may end up requiring care services because of illnesses, injuries, or disabilities.
Needless to say, the prices of long term care are reaching new heights; the median monthly cost of staying at an assisted living facility is priced at $3,628. Preparing for the onslaught of these costs by securing long term care coverage is good planning, especially during these uncertain times.
Preparing today through long term care ins
Never underestimate the advantages of having a good plan early. Nowadays, more people are realizing the value of having a long term care ins policy, and 90% of consumers are satisfied with their coverage.
Understandably, people are hesitant to purchase a policy because of its complicated nature, as well as the initial prices that they see. However, consulting an insurance specialist can help immensely.
However, doing your own research is also a must. High health literacy will come in handy in understanding policies that will directly affect your health. Having an industry expert explain the concepts is important, but being proactive in learning about your care is vital.
Schedule a consultation with a licensed insurance agent to begin securing your long term care ins today.