This blog post is designed to provide general information on the subjects covered. It is not, however, intended to provide specific estate planning, insurance, tax or legal advice. Please note that LTC Consumer and its representatives do not give financial planning, tax or legal advice. You are encouraged to consult with your tax advisor or attorney concerning your own situation.

Why Should I Buy Long Term Care Insurance?

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You do a lot to plan for the future, including buying health insurance for when you get sick, life insurance for when you die, home-owners insurance in case of a natural disaster, etc.  As you plan for the future, you also need to plan for an extended illness or accident that stops you in your tracks now or at the end of life.  The truth of the matter is, 70% of people turning 65 will need long term care at some point in their lives.  You can either play the odds; or you can be prepared.

Below are some reasons why you may want to buy long term care insurance.

  • Protect your assets. A long term care event can bankrupt you.  Long term care insurance can provide a safety net for your assets as you move into your retirement years, allowing you to spend your time traveling, picking up new hobbies, or whatever else your retirement dreams may be.
  • Gain peace of mind. Having a plan in place can provide peace of mind knowing that if/when a long term care event occurs, you have a plan in place and money coming in to help pay for it.
  • Cover the costs of long term care services you may need.  If you don’t have the savings to pay for long term care, you should get coverage.  The 2014 average cost of care was $87,600 per year, a 4% growth from 2013.  With the rising cost of long term care, you could be looking at some hefty bills by the time you are in your eighties.  If you can’t afford a fully-loaded policy, some is better than none!  It will offset your spending while you financially plan for the costs.
  • Protect your family.  People purchase long term care insurance to protect their family from financial, emotional and physical demands of caring for them during a long term care event.  You can leave a legacy for your kids and avoid having to depend on family members to care for you.  Get care when you want it and from whom you want it.

Not everyone needs long term care insurance, but everyone needs a long term care plan.  If you’re interested in the cost, get a free quote in seconds.  If you have questions or want more information, you can request info on a plan and a state-licensed, professional LTC Consumer Specialist can consult with you by phone or email to explain how the plan works.

LTC Consumer is a free online service to help consumers understand what long term care insurance is, how it works, and how to evaluate coverage options.  Our mission is to provide an educational, no-pressure resource for learning about long term care planning, with the opportunity to speak with specialists who can help them.

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