While we all hope to live a long and quality life, we don’t have a crystal ball to look into the future regarding our health. Before we delve into talking about long-term care insurance, here’s a bit of statistics for you to digest;
These numbers are not to scare you but to make you see why you need to put a long-term care insurance policy in place. While you are guaranteed to live a long life, you need to put in place a safety net to ensure you live a quality life.
Long-term care insurance policy caters for medical care, social support and personal assistance for policyholders who cannot care for themselves over a long period. This could be a result of old age, accidents, and overall health status.
With a long-term insurance policy in place, you are covered from large out-of-pocket expenses that could arise in old age, illness, or injury.
The earlier, the better. However, according to financial advisors, you should consider a long-term care policy between 60 and 65 years. If you have a partner, then this should be at least five years earlier.
Let’s hope you don’t have an underlying or hereditary medical condition; then, age 60 would be ideal.
Think of the hefty amount you might have to cough out at retirement for a nursing home? This could cripple your finances and leave you worrying over finance at such an advanced age.
Long-term care insurance policy covers nursing home coverage, personal care, assisted living facility, adult daycare center coverage, and home health care coverage.
There are three main reasons why individuals purchase long-term care insurance coverage. First, the financial security and the peace of mind that comes with it. Another reason will be the need to protect assets. Lastly, to avoid being a source of a financial burden to loved ones in old age.
These reasons are enough for you to give a thought to purchasing long-term care insurance coverage. We are ever ready to answer your questions about the coverage at Tillman Insurance Advisors; feel free to reach out.