“Long term care insurance is it worth it?” This question must have hounded thousands of minds each time the subject of retirement comes up. However, that doesn’t mean that those in younger age brackets are not candidates for this type of care. Apart from old age, injury and chronic medical conditions can require long term care. Indeed, it’s everybody’s issue.
2. “Long term care insurance is it worth it?” This
question must have hounded thousands of
minds each time the subject of retirement comes
up. However, that doesn’t mean that those in
younger age brackets are not candidates for this
type of care. Apart from old age, injury and
chronic medical conditions can require long term
care. Indeed, it’s everybody’s issue.
3. One way to battle the impact of long term care
on your life, loved ones, finances and assets is
to get covered by long term care insurance.
Sure, premiums can be high. However, the
annual cost of this insurance is relatively lower
as compared to the amount that you need to pay
out of pocket if you are uninsured and in need of
care.
4. Today, figures show that long term care services
are on the rise and it is expected to double, triple
or even quadruple in the coming years.
Genworth’s 2013 Cost of Care Survey found that
the yearly cost of private nursing home care has
escalated by 24% in just a span of 5 years. In
fact, from merely 2012-2013, the price tag has
hiked up by 4%.
5. Assisted living facilities offer a lower level of
care, thus, their rates are lower than that of a
nursing home. However, data from Genworth
indicated that the annual median cost of this kind
of care setting has increased by 5% just within a
span of one year.
6. Meanwhile, in-home care rates have a lower
increase rate. Within 5 years, it has only
increased by up to 5%, however, this should not
be taken lightly as it still shows an incline even
at a gradual pace.
7. The figures clearly show the cost of long term
care is continually growing. If you think that your
finances can handle these rates as well as their
continuous increase, then, you can pass on a
policy. However, if you think that they’ll damage
your finances and if you admit that you can’t
afford paying for care outright even at its current
rate, then don’t waste another minute and get
started on a long term care plan. You can start
by getting quotes online.
8. If you ever find yourself wondering, “long term
care insurance, is it worth it?” we deem that with
the statistics laid out above, you’d say yes. On
the other hand, if you’re still unconvinced, then
let’s look at the chances that you’ll need care.
9. Assessments have shown that 7 out of 10
individuals aging 65 and above will need long
term care. Meanwhile about 40% of people
within the ages of 18-64 will require a sort of
care. Moreover, if you’re a woman, you’ll
probably require care for a longer time since you
are expected to live 5 years longer than a man.
The duration of care averages for 3 years.
10. Now, you may argue that your health is still at its
prime even if you’re just years away from
retirement. However, no one is exempted from
the infirmity of old age. Chances are, your health
will grow frail at some point. When that time
comes, you’ll need long term care.
11. If you’re still healthy today, then it’s ideal for you
to purchase an insurance plan because you can
be entitled for discounts as you have no pre-
existing conditions. Don’t wait until you’re
suffering from a chronic illness before you
purchase a policy. If you choose to go down that
road, it’s whether you get declined or be forced
to pay for higher premiums.
12. Long term care rates are on the rise. The
possibility that you’ll require care is not as
remote as you think. If you’re serious about your
future as well as your loved ones’ and finances,
then be a policy holder now. Remember that
long term care insurance offers a
comprehensive coverage and can pay for a wide
array of care services.
13. If you find yourself pondering on this thought
again—long term care insurance, is it worth it?
The answer is a resounding yes. Why? Because
it can be your ticket and your safety net as you
face the future, especially in your golden years.