Long Term Care Insurance, Will You Ever Need It?
At 88 Mrs. Garcia is still an excellent conversationalist and memories of her husband who had passed away 15 years ago still come to her vividly. She can no longer cook and clean her house but she can still bathe on her own as long as she has her handy bath chair in the bathroom. According to relatives, Mrs. Garcia has a long term care insurance (LTCI) policy which she uses to pay her caregiver and it appears that she won’t need it for anything else.
Mrs. Garcia’s family is trying to imply that her decision of purchasing an LTCI policy decades ago was not a very good idea because now that she’s supposed to be using her benefits, she’s just receiving loose change from her policy.
Mrs. Garcia was 53 while her late husband was 54 when they both decided to purchase a joint LTCI policy. Unfortunately, Mr. Garcia was not able to use any of his share of LTCI benefits because he figured in a car accident and died right on the spot.
When she was 82, Mrs. Garcia experienced her first fall in the bathroom and consequently she lost the ability to get up from bed let alone the mere act of walking to a chair without assistance from a family member. After depending on her kids and nieces for two months, her physician finally recommended a caregiver because there are certain tasks which Mrs. Garcia will never get around to performing by herself.
Six years after that fall, Mrs. Garcia remains devoid of any serious health problems and her children are happy, but they doubt the need to buy LTCI policies for themselves.
Long Term Care Insurance is Like House Insurance
Nobody secures a home insurance policy and subsequently prays for a fire or hurricane so that he can collect his benefits. So why wish to acquire an injury or develop a life-threatening illness that will rob you of your capacity to perform the most ordinary activities of daily living (ADL) just so you can qualify for your LTCI benefits?
Just like home insurance, car insurance, and even life insurance, an LTCI insurance is designed for the prevention of potential losses as long term care (LTC) is very expensive. LTC is often associated with the elderly because a greater percentage of individuals over the age of 65 require this service but the truth is, anyone can need it.
According to the U.S. Department of Health and Human Services, 40% of the current population receiving LTC comes from the 18 to 64 age group. Spinal injuries, multiple sclerosis and early-onset Alzheimer’s are just among the reasons that these young people acquired LTC too early in their lives.
If you suddenly require care without preparation, you risk wiping out your assets to the very high cost of care. Mind you, the current hourly rate of the home health aide who assists Mrs. Garcia every day with her ADLs is $23 but according to financial planners this will rise fourfold in 2030. Can you afford to pay $92 per hour to receive assistance with your bathing, eating, dressing, and use of the toilet among others?
Folks like Mrs. Garcia were not 100% sure they would need an LTCI policy when they first thought about it, but they clinched one anyway rather than put their money and other properties on the line.
To know about the many advantages of a long term care insurance policy, contact a licensed LTCI broker in your area who is affiliated with the country’s top LTCI carriers.
Processing your request, Please wait....
