I Don’t Need Long-Term Care Insurance

So many people who have sat in my office have said the same thing, “I don’t need long-term care insurance,” and they all have their reasons.  Its hard for most people to view the quality of their own life 20, 30, 40 years from now unless they’ve previously experienced a long-term event in their family.

I can understand why people don’t want to picture themselves in a nursing home or assisted-living facility, its certainly not a situation people strive for later in life.  Death is inevitable, so Life Insurance is an easier product to understand.  But with long-term care there are so many scenarios, so many options, so many questions… Most people would rather pretend the threat does not exist and ignore it, then ask the hard decisions and make the hard decisions.

I Don’t Need Long-Term Care Insurance

Yes, You Do!

According to a study published in the journal Inquiry by Kemper, Komisar, and Alecxih, quoted on III.org titled “Will I Need Long-Term Care?” 58% of people age 65 in the year 2005 will need some level of long-term care.

That’s 6 out of every 10 people you know age 65.  That means there is a very good probability that YOU will need some level of long-term care.

How are you going to afford to have a nurse visit your home twice a week to make sure your blood pressure is stable, your glucose is in order, and you have a proper supply of medication?

Where will the money come from to pay the room and board fees for the retirement community you move into when you become a burden on your child’s family?

How are you going to feel when your children have to cash out their retirement funds to pay for your Assisted-Living Facility because you need around the clock care?

What is a second mortgage going to do to the chances of your grand-child attending University when their parents can’t afford to pay your Skilled-Nursing bills?

The Rub

I’m not trying to be “Ryan Downer”.  I just want to open your eyes to the cost of care.  In future posts I will attempt to explain the many features of a long-term care insurance policy.  For now, no matter what stage of life you are in, for your family’s sake, I encourage you to seek out a long-term care insurance professional and discuss coverage.  I’m not telling you that you have to purchase a policy or your a bad person.

My goal, as it is with every post on this blog, is to encourage you to make educated, informed decisions about insurance. A small amount of planning today, can save you from nightmares tomorrow…

Disclaimer:

This article is for informational purposely only. There is no legal advice being suggested or proffered and the author assumes no responsibility or liability for the actions take or not taken by the readers based upon such information.

Thank you,

Ryan H.

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