subject: Buying Long Term Care Insurance Makes a Difference [print this page] Buying Long Term Care Insurance Makes a Difference
It is quite baffling why most people give priority to material things like their cars and all caprices in the world than their health. Some people would even pay hefty insurance for Chevy and expensive homes, but when asked about health insurance, they would simply blurt out, "I'll be fine, it won't happen to me."
Why should I buy long term care insurance? This question puzzles many people, especially those in near retirement, who finds LTCi a waste of money. When it comes to securing your health, you don't waste money, rather you are investing for yourself to protect your money and everything you have worked for your entire lifetime.
Secure your Independence
Have you watched some documentaries or movies that depict the lives of Medicaid patients in nursing homes? Three or more patients, mostly are elders, stay and share a small room in nursing home quarter. If you think Medicaid will shoulder your bills, and then think twice. How could this publicly funded program pay for long term care of more than a million Americans? Also, the upcoming CLASS Act will take effect some time in 2013, but this program pays only minimal monthly premiums.
With long term care insurance, you may choose whichever facility, be it in your own home, in a nursing home, or in an assisted living facility, no worries that you might be sharing the same utensils with your room mates.
Protect assets for yourself and your family
The reason why you work hard is to secure good future for yourself and your family. Would you like to lose everything only to pay your nursing home bills? If you plan to self insure, you will surely lose half or more than half of your earnings in paying for all the expenses incurred, this means reduced savings for your children and heirs. Worst, you are also leaving massive debt for your family if your care drags on too long.
Peace of Mind
Single and divorced individuals may find it complicated to live alone as they age and shoulder the expenses by themselves. They must have private insurance to ensure they will have a secure place when they retire. It gives them the peace of mind that they will not end up like beggars and stay on the filthy, crowded streets when they can no longer pay the rent or the mortgage.
Who Should Buy LTCi?
Now, it is clear why long term care insurance is important for the rest of us. If you are in your 40s or beyond, you must prepare for insurance long term care as early as today. Don't wait until a serious health problem arises, because it can prevent you from getting coverage. Also, if your family has history of Alzheimer's, stroke, Parkinson's, and other age related diseases, you must consider LTCi more. Even if you are relatively healthy today, you should also get insurance to cover any future injury or sickness that requires long term care.
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