Anytime long term care insurance is brought up with clients, generally, one of two things happen: they either lean in, eager to learn more about this avenue or they sit back and say, “That’s the last thing on my mind. Look at me! I’m barely 50!” We get it – 50 is young. Besides, who wants to ruin a perfectly good afternoon being weighed down with the reality of mortality? But, it’s also important – very important, in fact. Consider this one truth: No one, whether they’re 20 or 90, sees an accident or illness coming.
With that in mind, we thought we’d clear up a few misconceptions about long term care insurance.
The president’s new healthcare laws will cover those bases for me.
Not true. In fact, Congress just opted to no longer explore any options associated with long term care insurance. While the Obama Administration pledges to continue looking for a solution, it’s not likely to happen in the near future.
I can’t afford another insurance policy.
Actually, you probably can. And the younger you are, the lower the premiums. At least explore the options so that you know what you’re up against.
I can buy it anytime. Why buy it now when I don’t need it?
It’s like buying insurance for your car – you’ll pay the premiums, maybe for years and you may never need it. If you don’t have it and you’re in an accident, it’s too late to buy it.
Medicare will cover it for me.
That’s also not true. In fact, Congress is cutting Medicare funding. Dan Weber, president of the Association of Mature American Citizens, explains:
“Over the last four years, the home health community has absorbed $22 billion in cuts, affecting a vulnerable demographic of old, poor and very sick Americans…Due to continued cuts, many of these people are losing access to home health care and are having to seek care in facility-based settings away from their homes, increasing costs and leading to poorer clinical outcomes.”
I may never need it.
That’s true. You should know, however, that the odds are against you. Seventy percent of all Americans age 65 and older will likely need some form of long-term care (LTC), according to a study in the journal Inquiry. That includes nursing home care as well as assistance with activities of daily living such as dressing, eating and bathing.
Some are concerned they won’t pass a medical exam. The reality is that the younger you are, the better. In fact, the bigger priority is exploring your health over the past few years to determine what kind of risk you present. It’s not until you might be in medical trouble that it feels invasive.
The reality is long term care insurance is an important element of not only your health care plan, but estate planning and covering the bases for the future, especially if you’re thinking of your family’s future.
Give us a call today to learn more about long term care insurance.
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