subject: Consider Long Term Care Insurance [print this page] What is the one product you buy over and over again when you don't really need it? Insurance. You care insurance twice a year but you probably haven't had any damage to the car in years. Insurance is funny like that. Its the one product you can only buy when you don't need it and can never buy when you do. It's funny but we all do it.
So lets talk about long term care insurance. I'll bet you don't have any right now. But you should. I know, I know, you're still young and healthy so its not something you think about. Well remember the funny thing about insurance. The best time to buy it (the only time you can) is when you don't need it. As a matter of fact, the further away you are from needing, the less expensive it is. Got your attention now?
In today's dollars it will take about $35,000 per year to live in a board an care facility. If you live 5 years there, you will spend at least $175,000 and thats if there are no cost of living increases. Not to mention your other expenses, health care, etc. The real problem here is that the older you get, the more help you will need and the less money you will have left. You will be in the situation where you will be concern that you can afford to live any longer. No one wants to be in that position.
I don't want to belabor the point but it is important to understand the cold hard facts. Okay, you won't need this insurance for a very long time. Thats good, because it will be cheap. You're still working so there will be no time in your life when it will be easier to pay for than right now. And don't forget about inflation. Whatever you planned on saving for care is going is not going to last as long as you hoped. Care is going to be two or three times as much as it is now, making saving for it even more difficult. But the last and best reason is the piece of mind you will have, then and now. It will be just one more thing you won't have to worry about any more.
Now you know you need it but can't bring yourself to buying it just yet right? I understand. The best thing you could do is to actually purchase it now but in mean time, start bring the subject forward in your mind. Make it something you think about far more often. Or you could put an entry in your calendar six months or a year out to remind you to buy it. By then the idea will have settled in your mind and you will be ready to pull the trigger.
by: Joey Stiner
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