As more and more people think that they do not need long term health care insurance, they fail to notice that it will do them more harm than good. People think that this kind of insurance is only for people who want to have a luxurious life in the future, and that it is only for people who earn significantly higher than the average. On the contrary, US Department of Health and Human Services says that 70% people will need long term care above the age of 65.
Since mortality rate nowadays is higher than those of before, people will live longer, hence, will need more help from other people when they cannot do basic everyday tasks anymore. And sometimes, assistance and care needed isn’t free at all. There and there will always be expenses such as the payment if you need to go to the doctor for a check-up, the payment for the caregiver you are hiring, the payment for the facilities, and even the expense for your transportation.
If you haven’t planned for your future yet, are you be willing to sacrifice and allocate your money and other assets to health-related and long term care expenses? Will your assets and out-of-pocket money be enough to cover all the expenses for the longevity of the years you will live post-retirement age? Do you think that you will be able to pay for the other expenses brought by daily living and of the old age at the same time?
A Look at the Long Term Care Insurance
Long-term care insurance is the service given to elderly people – the seniors – that are basically home or community-based. It is a long term care that centers on the assistance of the basic daily activities such as moving, eating, dressing, using the toilet, and taking a bath. Since older people get weak faster than they were younger, they, more often than not, need more assistance to perform simple tasks.
Almost everybody reaches this stage in life wherein people cannot move freely and easily anymore like they used to. Sometimes, even more complications regarding the health matters arise from this condition which makes a person’s life even more complicated than it already is. That is why you must start early in planning what to do in these kinds of situations so to avoid rush decisions that could bring you even more problems than you could handle at the time.
Ideally, you should start saving up and investing in long term care insurance when you still have the time, energy, and resources that you will need. It is when you are younger that you are farther and less prone to have sicknesses and complications that will affect your health, that is if you have a balance diet, well-fitted and in good health. This is the ideal time to start planning because you could still decide on how your life will go about, figure out what kind of long term care you will need, and be able to allocate your properties and resources where you want them to be designated.
Think about your properties and the assets that you have presently. Mind your health and age and see what will you or your family need someday and prepare for it. Mull over purchasing a long term health care for your future and see how much difference it can make.