Millions of successful Americans neglect a simple safeguard to their wealth and dreams: long-term care insurance.
"They just don't want to think about it," says one industry observer. "It's a psychological downer. Bullish people recoil at thoughts of ever needing help with tasks of daily living. Things like moving around, eating, or toileting. So they put it out of mind."
A way around this block is to focus on the pleasant benefits of owning a policy right now, regardless of whether you ever need care. There are three key short-term benefits:
Like auto insurance, LTC insurance protects against loss. It helps pay for long-term care services if you ever need them.
But even if you never make a claim, both types of insurance offer intangible value.
You know you’re covered, just in case, and gain the priceless gift of confidence. Breathing easier, you can focus on where you're going.
A top cause of bankruptcy is care expenses in the later years. Medicare and health insurance protect against this, but if you lack LTC insurance, there may be a gap.
In the United States the cost of a private room in a nursing home exceeds $94,000 per year, on average, according to John Hancock Life Insurance Company's 2013 Cost of Care Survey, conducted biennially.
In-home care and assisted living are costly too.
If your whole family focuses on healthy living, the odds of anyone needing LTC may be less than the national norm, about 70%, but not zero.
Without LTC insurance, you may need to tap your hard-earned assets.
Without LTC insurance, a family member may have to step in as caregiver, impacting their activities and earning power -- even their own health due to added stress.
The person needing care may suffer additional pain too -- regret at requiring a loved one to tend them.
By taking the care issue off the table, you let the whole family get on with their lives.
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An added benefit is the lower rates available when one is younger and healthier. Another reason to smile.
For more information and policy quotes, visit 123ltc.com.
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