Last week on the blog, we talked a little bit about the psychology of aging. People are living longer lives than ever before. However, this doesn’t mean that the elderly still don’t need care. Living longer doesn’t always mean we will be living our healthiest lives. There is a lot to be said about investing in long-term care insurance.
Long-term care insurance is, basically, insurance that helps to pay for the care you could need to receive at an older age if you develop a chronic medical condition, a disability, or some form of dementia. This type of insurance can cover care for long extensive periods of time. According to article posted on CBSNEWS by Larry Swedroe, “it’s estimated that 60% of people over the age of 65 will require some long-term care services at some point in their lives.” It can be very difficult paying for long-term care especially with something like dementia, where the symptoms progressively worsen over time.
Planning ahead, especially for a time when your health begins to decline can be scary and definitely something that most people do not think about day-to-day. It can be overlooked how important this type of insurance can really be in the future. Investing in long-term care can put a lot of ease on potential stressful situations in the future. It can alleviate a lot of the financial burden it takes to afford this type of care. Most Medicare and private health care insurance programs will not cover the cost of longer term care. Investing in this type of care ensures that the financial assets you have gained over your lifetime will not be depleted while you are trying to afford the care you need. In addition, it ensures that you will not be dependent on loved ones for care. Long-term care insurance is unique because, you can receive care really anywhere including in your home. The type of care that can be received is help with daily activities like dressing, bathing, or eating. It could also be skilled care from different types of therapists.
When it comes to getting older, the fact is everyone at some point will need some form of care. It’s much better to plan for the care you will need and to be able to afford that type of care when the time comes. There are many different types of long-term care insurance and different policies with different rates. If you’d like to learn more about long-term care insurance, read this article from AARP, which outlines everything you need to know. In the meantime, get educated and start planning.
Education & Outreach. “Understanding Long Term Care Insurance.” AARP, www.aarp.org/health/health-insurance/info-06-2012/understanding-long-term-care-insurance.html.
Marquand, Barbara. “Long-Term Care Insurance Explained.” NerdWallet, 22 June 2017, www.nerdwallet.com/blog/insurance/long-term-care-insurance/.
Swedroe, Larry. “Why Long-Term Care Insurance Is Important.” CBS News, CBS Interactive, 11 May 2012, www.cbsnews.com/news/why-long-term-care-insurance-is-important/.