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;
- According to the Centre For Disease Control, the life expectancy of Americans is set at 78.7 years.
- The World Health Organization stated that older adults are likely to suffer from hearing loss, back and neck pain, osteoarthritis, Alzheimer’s, chronic obstructive pulmonary disease, and diabetes.
- Lastly, only 8.1 million Americans are covered by long-term care insurance policies.
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.
What is a Long-Term Care Insurance Policy?
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.
At What Age Should I Purchase the Policy?
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.
What Does Long-Term Care Insurance Cover?
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.
Why Long-Term Care Insurance 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.