You can’t buy homeowner’s insurance when your house is on fire
We’ve all heard the saying, “Your life can change in the blink of an eye.” And we all just ignore it, until we realize how very true it is. The same can be said for long term care insurance. Many think it’s not for them, until it’s too late. Long term care insurance is not just for retirement and the elderly. Health insurance and Medicare do not cover long term care expenses in the way that most people think, and caregiving costs add up quickly. If you have assets to protect, and a family you don’t want to burden, consider purchasing a policy, and feel the peace of mind that comes with it.
My mom’s middle-aged neighbor down the street was putting holiday lights up on his house. He reached for a distant part of the gutter, misplaced his foot on the ladder, and fell two stories to the yard below. In that instant he became a paraplegic and required full time care. His retirement savings intended for traveling and leaving something for the grandchildren now goes to a caregiver and home modifications.
The odds of requiring care later in life are significant
Even with the mentality of, “it’ll never happen to me,” we are all going to age. We are all going to slow down, experience signs of aging, and most likely require help with certain things. The odds of requiring long term care after the age of 65 are 70%. The median cost for in-home care in 2021 was $5,148 a month, and the cost for assisted living was $4,500. With the current rate of inflation, and the lack of care providers, those costs are going up exponentially.
“The odds of requiring long term care after the age of 65 are 70%.”
ThinkAdvisor ran an article in their Newsletter on Wednesday talking about a perfectly healthy judge crossing the street who got hit by a car. He sustained severe injuries, was hospitalized, had multiple surgeries and a couple stays in a rehab facility. His wife is now his primary caretaker, and neither of them had long term care insurance. The author worries the judge, and his wife will now suffer severe financial consequences, and wonders if the wife will have anything left for her own care once she is done being the caretaker.
Waiting until it’s too late could cost you everything
If you’re curious about long term care insurance, reach out to one of our specialists today. They can chat with you about budget, healthcare concerns and family history, and lifestyle preferences. A specialist will recommend the top products that fit your needs and will walk you through the process step by step. Our specialists give you their personal information and you work with them from start to finish. Even after your policy goes inforce, they are the one you will reach out to with questions or concerns.
Questions and quotes are free, but waiting until it’s too late could cost you everything. Request a quote today and find out if long term care insurance is right for you and your family.