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Understanding Long Term Care Insurance

November 16, 2015

If you’re like me, getting older has brought with it the quicker passage of time and a handful of new aches and pains. But what hurts more than the occasional morning stiffness is witnessing cherished friends or family members fall victim to a debilitating mental or physical decline.

Even more painful is the undeniable possibility that our fate may end up much like theirs. Bette Davis once said, “Old age is no place for sissies.” According to the U.S. Department of Health and Human Services, roughly two-thirds of adults over age 65 will need some form of nursing home care, and nearly 40% of people needing long-term care are the young ages of 30-60! So where can you find the strength to face the future head on? Consider Long-Term Care (LTC) insurance.

LTC insurance is similar to insurance for your home, your health or your car, in that you actually hope you never have to use it. It is positioned to protect your financial health should the unthinkable happen and you experience a life-altering illness or accident, and allows you to live your life to the fullest without the worry of burdening your loved ones with the financial responsibility for your care.

No matter what the future holds, we can be certain of the following:

  • When debilitating circumstances strike, money or LTC insurance is good to have;
  • Unfortunately, one cannot purchase LTC insurance when the need for care is made clear;
  • The longer you wait to purchase LTC insurance the more risk you take regarding premium costs and the ability to obtain insurance depending on your physical condition.

Just as most people will seek out professional help when creating a will, writing a contract or doing their taxes, most people need professional help to explore their options regarding long-term care insurance. State-by-state differences, federal regulations and an ever-evolving set of options make it a difficult task to accomplish on your own.

If you haven’t yet seriously discussed the topic of long-term care planning, there is no better time than now. Call me at 937 427-4292 to schedule a no-obligation consultation. We’re conveniently located at 2661 Commons Blvd, Beavercreek, OH, 45431 so we can schedule a visit when it’s convenient for you to drop by. I look forward to meeting with you then!