Buying Long Term Care Insurance – Things Everyone Should Consider

How long are you planning to live? Eighty years? Maybe a hundred? Will all of those years be healthy ones? What happens if they aren’t?

No one likes to look into their future and imagine that they’re going to need to rely on the help of others in order to do daily tasks or to perform life sustaining medical services, but the reality is that many of us are going to need support that is more than our families can or should be burdened to help with. The bottom line is that old age and the health problems that it brings are seriously expensive, far more expensive than young healthy adults can imagine. And those costs go on for years and decades.

While government supports in the form of retirement benefits can help to pay for some of the costs associated with long term care, those payments aren’t going to be enough to cover everything. Don’t forget that those costs are not going to decrease with age, but will go up with each passing year. It’s not pleasant to think about, but your health is not going to improve with time, it’s almost certain to deteriorate. You’ll need more support as the years roll on and it’s up to you, not the government or your family, to make sure that those years are provided for financially.

How to pay for your future

How can you foot the bills in home or facility care that your government retirement benefits don’t cover? Here are your three options:

• Your Personal Savings

Squirrel away a hearty nest egg that you hope you’ll be able to spend on luxuries and to leave for your children. Be at peace with the fact that you might well have to spend every dollar on long term care if you should need it, but hope that you won’t have to.

• Your Family

Don’t worry about it too much, and trust that your children or other relatives will have the extra cash to support you should you need it. Embrace the idea that you’ll need to rely on others when you’re at your most vulnerable, and think of their supporting you for the last twenty years or so of your life as recompense for all of the times that you supported them.

• Buying Long Term Care Insurance

Buying long term care insurance can pay for the care that you might need towards the end of your life. Balance premium payments that you can afford while still putting away some savings. Feel good about the responsibility that you’re taking off of the shoulders of the people you love.

Think about your future

Though long term care insurance is common in the United States, the strong retirement benefits in Canada make it less popular. People tend to have a sense of security thinking that the government is going to take care of their every need, but in reality there are gaps that can be costly.

Long term care insurance can effectively safeguard your nest egg, leaving a legacy for your beneficiaries after you’re gone while also making sure that you can afford high quality in home or facility based care. Your quality of life in retirement matters, and long term care insurance is a way to make sure that you have the great care that will make your life better.

A few things to consider:

• Your future health

Do you have a family history of health problems later in life? Do you currently have health problems that might lead to more intense needs in the future? Realize that

• Your saving power

Price out premiums and decide whether or not you can afford to both pay premiums and save for the long term. Also consider the saving that you’re doing now, and how that’s likely to change between now and retirement.

• Cost of Care Facilities

Today semi-private, long term facility care costs around $20K per year. That number is likely to rise with time. Think about how many years you could need that kind of care, and then look at your saving power and long term care benefits to help you make a decision.  There is an affordable respite care Greenburgh, NY which assured that you are in a safe, loving environment and that all your needs are met. You can also check out Carlton Senior Living and other options.

• Family support

If you don’t have family who can support your needs, then you’re more likely to require outside help. The other consideration here is whether you want to place the burden of your care on close family or friends.  Relying on yourself is the best solution and it gives you peace of mind knowing you have the right plan customized to your needs and wants.

• Balance your plan

There’s definitely a balancing act in terms of deciding how much to put into premiums versus how much to put in your savings. Look at the options that you have in front of you and make as much of an informed decision as possible, planning for the most likely outcomes.

Don’t wait until it’s too late

Every year that you put off purchasing long term care insurance represents an increase in premiums. A huge mistake that people make is waiting to look at their options, only to find that they have crossed an age limit that has increased premiums to the point that they are out of reach. Start looking at your options as soon as possible so that you have as much latitude as you can. Get a quote, which won’t cost you anything but will empower you with information.

No one wants to think that they’re going to be a burden on their families. No one wants to imagine that they’ll need to be cared for someday. But in all likelihood you will need a good deal of support in order to live and thrive in the twilight of your life. Long term care insurance buys you peace of mind to know that you’ll be cared for no matter what your life situation might be as you age.

Call Morgan National Corporation today at 1-866-595-3533 for more information regarding your options for long term care insurance policies, or visit our long term disability and disability policy page to learn more about these specialty policies.