Dispelling 4 Myths of Long Term Care Insurance

Did you know that 70% of people over 65 will require some care at some point in their lives? Nearly 44% of early and late Baby Boomers and Gen Xers are expected to fall short of meeting their basic financial needs in retirement – that is including their nursing home or home health needs. Based on these statistics it appears that a very large portion of us are entirely unprepared for retirement. Long-term care insurance can help ease the financial and emotional burden on you and your loved ones.

Why is it that so many of us do not purchase long term care insurance? Let’s dispel the myths!

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The Holidays are the Perfect Time to Discuss Long-Term Care

The holidays will be here before we know it, and for many, this time of the year presents the opportunity to gather with family and loved ones. Specifically, if you have a loved one who you’ve been meaning to speak with about long-term care, the holidays could be the ideal time for you to do so. Of course, having the conversation with a loved one about long-term care isn’t always easy, which is why there are important guidelines to keep in mind before you initiate the discussion.

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Long Term Disability vs. Long Term Care Insurance

There are a number of different insurance options that can assist you and your family if you become impaired or disabled. Two of the most popular options are long term disability and long term care. Both of these are designed to protect your assets and interests in distinctive ways, so knowing the differences between the two is key in determining how each one can be beneficial to meet your needs.

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Tips for Long-Term Care as Rates Rise

When considering retirement plans, long-term care coverage shouldn’t be overlooked. The cost of long-term care is exorbitant — figures from 2010 estimated that a semi-private room in a nursing home can cost more than $6,200 per month, with private rooms costing over $6,900. An assisted living facility in 2010 could cost as much as $3,300 per month. And those rates are only going up in the future. Seniors without long-term care insurance are left paying these high monthly bills out of pocket, often depleting their retirement savings, which took decades to build, within only a few years.

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WEBINAR REPLAY: Avoid Financial Pitfalls by Planning for Long-Term Care

LTC WEbinar ImageLong Term Care is a tough subject for anyone to discuss. But not taking action could mean significant difficulties for you or your family later in life. Did you know that once long-term care is needed, the average American loses their entire life savings within nine months? There is a significant gap in health insurance that exposes a hole in the retirement planning process. Long Term Care insurance covers this gap.

This FREE webinar discussed:

  • What Long Term Care is, and Common Reasons for Needing Long Term Care
  • Myths about Long Term Care Coverage
  • Gaps in Traditional Health Coverages such as Medicare and Medicaid
  • How Long Term Care insurance Protects your Retirement Plan

 

The Best Time to Purchase Long-Term Care Insurance

The time to start thinking about long-term care insurance isn’t when you’re ill and in need of either home health care or a nursing home. By then, it will be too late. Unfortunately, many people in situations very similar to yours overlook the importance of long-term care insurance, assuming it’s something they won’t need for many years to come or even need at all.

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The Dangers of Avoiding the Tough Conversations

In the landscape of family issues, few topics are more difficult to approach than that of aging parents. Regardless of your economic background or your relationship with your parents, these topics prove to be difficult for individuals across the board. One of the reasons that these topics are so difficult to address is because of the strong emotions that are often attached to the idea of our parents aging and possibly needing our help. When parents begin to age, there is a role reversal for parents and kids that can be, at best, uneasy. However, there are more important issues at stake than our mere comfort levels when it comes to keeping our parents or other aging family members’ best interests in mind. One of the best places to start preparing for these tough conversations is to identify the topics that need addressing.

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