Long-term care insurance and why it should be seriously considered

According to the New York Life insurance brochure, about 52% of Americans will develop some type of disability which will require long term care in their future. The estimated cost for just one person needing long term care is $172,000. As with everything, planning ahead is imperative, and long term care insurance is no different. By the time long term care is needed, it’s too late to get long term care insurance. A good time to start thinking of getting it is in your 50’s or early 60’s. In planning for this time in life, asking yourself these questions is important:

Who will take care of you, and how much will your care cost?

What is your guaranteed income in retirement?

Would your home be your primary means in paying for long term care?

If any other asset is your primary means for long term care, are there tax consequences to liquidate it?

What does long term care cost in your area?

Senior Living Experts can help you in researching this. What is the right amount of coverage for you? I have met a financial advisor who’s mantra is “A little bit of something is better than a whole lot of nothing”. Meaning, you don’t need to cover all possible scenarios that your care needs may require, but choosing a moderate plan that will cover the majority of the care that you may need should suffice.

The younger you are when purchasing coverage will ensure the premiums are much less, and because someone in their mid-40’s is most likely in good health, this is also a good time to think of getting long term care coverage started. Most of the New York Life policy holders indicate that they would not be able to receive the care they are currently getting if they didn’t have coverage. They would be forced to rely on family for care and financially as well to cover their care needs.

We all want to remain independent and long term care insurance allows us to pay for our care needed, whether that be with the help of a home care company, or senior living community. Senior Living Experts would be happy to meet with you to discuss your specific situation. We can go over the costs based on your location in Chicagoland, and if you are working with a diagnosis that requires a specific level of care. We will help educate you on what is in the marketplace, so that you can take the next planning step which is to secure your future with long term care insurance.