Despite all of the attention that the aging of the United States population has received, the amount of interest that people have in long term care insurance is rapidly decreasing. A few years ago, as the trend of the growing senior population was mainstream breaking news, long term care insurance sales were skyrocketing. Today, much of that has dropped off as people either are taking alternative routes when it comes to preparing for retirement, or they are simply ignoring this need. It’s important that you do not ignore your own needs, or those of anyone in your family. How you prepare for senior care is up to you, but it is important to know that this is a very real need, especially if you have an elderly loved one that may need care in the near future.
If your mom or dad currently has a disability, it’s probably too late for them to qualify for long term care insurance. However, if they are still in good health and have no major medical issues, the sooner you apply for a policy to protect them, the better. Rates go up as you age, but the cost will still be less than paying for it out of pocket.
Long term care insurance can be a valuable tool for offsetting, or even eliminating, the costs of senior care. Many long term care insurances are even capable of paying for in-home care. In fact, these types often have cheaper premiums per month because of the fact that in-home care is usually one of the least expensive types of care that there is. This isn’t always the case, but thanks to the fact that in-home caregivers can operate out of someone else’s home, the insurance policies associated with this are very affordable. It’s not right for everyone, but for those that it is best for, they find that the cost of the premiums over the course of several years is more than made up for after a few months of care.
More than half of people aged 65 or over today will need some sort of senior care at some point in their lives. Care can be costly, and the sooner you start preparing for it, the less of a shock this burden will become. As life expectancies go up over the coming years, the need for senior care as a percentage of the elderly population is likely to increase. This means that people that are middle aged today are far more likely to need senior care than our elderly parents and grandparents will. In this light, it is concerning that people are gravitating away from long term care insurance. Many are focusing on self-insuring. This entails building up savings and investments to the point where senior care–if needed–can be paid for out of pocket. For some, this works. For others, it is far too risky. If you have questions about your own need for future senior care, consulting with a financial advisor is a good way to prepare yourself for what costs you are most likely to incur and get a head start on getting ahead of them today.
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