Category Archives: Reasons to Buy Long Term Care Insurance

Long Term Care Insurance Needs for Families without Children

Couple Walking

The top reasons people purchase long term care insurance are: protect their assets, gain peace of mind, and not be a burden on their family and/or children.  But not all families include children.  The odds of needing some form of long term care in the future do not discriminate by marital status, income level or any other demographic.  Often times people will “default” to having their children provide care, so for families without children this creates a higher need to plan ahead for a long term care event.

Facing a long term care situation is never easy, but these challenges are more intimidating in certain respects for families without children.  Becoming educated about your options, making your wishes clear to your spouse or partner, and deciding how you want to financially address a long term care event early on can help big time in the end.

Not only do you face a risk of needing care, but you may also be faced with becoming a caregiver yourself.  With no children of your own to care for, your parents place a higher expectation on you for tending to their needs.  This can be an eye opener to the financial and emotional challenges of a long term care event.  You may also bear more of the risk of caring for your spouse or partner without an adult child “on call” in the event care is needed.

Having a long term care insurance policy ear marks money specifically for a long term care event, taking off the added pressure that you may face.  The policies also feature care coordination services.  These provide the insured and their family with a host of local private and public services to help in the event of care being needed.

We recommend people have a plan in place before age 60 which will list out who provides care and how that care is paid for, regardless if there are children involved.

LTC Consumer is an independent, 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.

Why Should I Buy Long Term Care Insurance?

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.

Population of Long Term Care Patients Increasing

The population of people needing long term health care services in the US – both in percentage and in sheer numbers – continues to increase. It has been for many years. Here are three reasons why.

1 – Baby boomers. The generation born in the years after World War II ended has reached senior status. There are more elderly than ever before, and they comprise a higher percentage of the total populace than ever before. These numbers mean that more and more people will need some form of long term care in their final years.

2 – Longer life. Between advances in medical science and improved general education about and attention to overall health, the average American’s life expectancy is longer than that of all previous generations. And the longer one lives, the more likely one is to require long term care at some point.

3 – Fewer caregivers. Longer lives also mean more widows and widowers. Without a spouse or significant other around to help with care, people are more likely to seek help at long term care facilities or hire in home nurses.  Also, many people are single in the first place, and many do not have adult children who are willing and able to provide care for their parents. Having fewer “built-in” family caregivers puts a greater burden – in time and in money – on other sources of long term care.

These and other factors (the rise of diabetes and obesity, for instance) combine to create a potential societal crisis around the provision of and payment for long term care. If across-the-board solutions are not forthcoming, it falls to individual families to deal with their own specific situations. That’s where long term care insurance comes in.

LTCI is a way for middle-income people to plan ahead, and apply for coverage that extends beyond what traditional health insurance covers. It can serve as a way to protect retirement savings, prepare for an uncertain future, and gain invaluable peace of mind. Experts are available to help consumers understand how it works, explore the many available options, and get down to the specifics of suitable policies and premiums. And sooner is better than later – we’re not getting any younger.

LTC Consumer is an independent, 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.

Reasons not to plan for LTC, ranked from bad to worse

Human beings are very, very good at rationalizing their behavior, both before and after it takes place.  Increasingly, many people are hearing about long term care insurance (LTCI), but deciding not to learn more about it, based on anything from a seemingly rational reason to various forms of denial to flat-out refusal to talk about it. Long term care insurance may not turn out to be right for every family – but having a plan for long term care certainly is.

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Three Parental Fears, One Practical Answer

Getting old is inevitable and if your parents are like most, they have at least three specific fears about the future.  Health.  Money.  Independence .

Fears about health

Maintaining good health, avoiding serious illness and injury, and providing for needed health care – including long term care – are almost certainly on the minds of your parents. No one wants to suffer, or become a burden on their family, or find themselves in circumstances that keep them of their desired quality of life. Continue reading