Things YOU Need to Consider For Yourself and Your Family
Have the means to pay for things you normally do yourself in case an injury or illness makes it impossible for you to do them. You also need to know where you will live and with whom. Beyond physical issues, you may care because of a cognitive issue, like Alzheimer’s or dementia. It is important to have a plan for you and/or your family to live in a safe and secure place.
Protect your family and friends. If you have ever known someone who has needed care, you have already seen the emotional, financial and physical burden a long term care situation can have on family and friends. When a loved one or friend has to take care of you, it can actually cause them to become chronically ill themselves.
No health insurance, not even Medicare, covers long term care services. If you don’t know how to get the care you want and prefer, you might NOT be able to get it when it’s needed. A Long Term Care policy can make sure that the funds you need are available when you need them, without having to liquidate assets or use retirement savings. You can’t guarantee the value of what you have save and invested in the future. But you CAN count on the funds of a long term care policy to be there when you need them.
You need to think seriously about a Long Term Care plan – As Soon As Possible
Don’t wait to address your long term care needs. When you really need care may be too late without significantly impact your financial situation, your quality of life, and your ability to maintain your independence. Some form of long term care (LTC) insurance should be part of your financial planning IF you want to help protect your assets, reduce the burden of care that would otherwise fall on family members, and ensure that you can receive care in the setting you most prefer – usually your home.
Don’t forget the very real risk that you may need Long Term or Extended Care Services
It’s difficult – and inconvenient – for most people to imagine that they will need assistance with the basic living activities like bathing, getting dressed and eating. Unfortunately, many individuals just put it out of their mind altogether. The hard truth is that 70% of people who reach age 65 will require long term care services at some point in their lives. (www.longtermcare.gov, September 2008).
It’s impossible to determine the risk OR the length of time that you may need to receive services. In the case of the worst cognitive issues – dementia or Alzheimer’s disease, care may be require 24 hours a day for as long as 10 years.
That’s why we urge you to consider the current and future projected costs of care and the impact to your finances and your family. The risk of needing long term care is too high to ignore. Long term care insurance is the least costly and one of the most important ways you can provide protection for you and your family against health risks.