Thursday, December 3, 2015

How to Cope with Long Term Care Costs


You work your fingers to the bone daily, thinking that when retirement comes, it will be time for you to relax and be worry-free. You’ve already envisioned yourself enjoying vacations with your family and friends, starting up a hobby or visiting certain places that aren’t within your budget when you were still working for your children’s daily needs.  But have you seriously considered what your situation will be if an unexpected health problem or an accident occurs to you or your spouse?   Will your savings be enough to get you by as a retiree and to shoulder such medical expenses as well?

Dealing with long term care costs can create quite an emotional and financial strain to your family members if no necessary preparation has been done.  Much more if the need to move to a nursing home is immediately needed due to illness or frailty.  If you want to prevent this condition from happening, now is the time to plan ahead and look for viable options for beneficial long term care plans.

Though purchasing an LTC plan may not be the foremost concern of some, it also happens to be a big dilemma that most people have to face.  As much as we hate to admit it, the probability of needing long term care is high.  To avoid LTC costs from putting your family’s financial future into jeopardy, it is advisable to purchase insurance sooner rather than later.  Indeed, early planning is the key to a sound retirement. 

What then exactly are the benefits of buying LTC insurance early on? 

Having a good LTC plan will secure your family’s future.  It would protect your assets and savings from a potentially overwhelming long term care costs; thus allowing you to carry out your retirement plans.  You wouldn’t want to be in a situation wherein your family member has to quit working so they can stay at home and look after you.  If avoiding such emotional and financial stress to the family is possible, then why not prepare for it now? 

Furthermore, you will be able to afford a high quality care for a longer period of time.  You have the choice of availing home health care and are able to live independently or enroll in a nursing facility.  You have the sole decision on the future of your health care.

Another benefit of early planning is that the price of premium is dependent on your age.  The younger you are, the lesser the cost of your cumulative premium.  The younger buyer also has less health concerns than the older one, thus has a bigger probability of being underwritten by an insurance company.  If you acquire an LTC plan at a stage wherein you are already inflicted with various diseases, chances are, your policy will be very expensive or you may even be uninsurable. Diseases such as Parkinson’s, Alzheimer’s or Muscular Sclerosis are completely uninsurable.

Nowadays, younger buyers are already aware that the need for long term care can come at any age.  It is prudent to be ready rather than be sorry. 

Long term care costs dramatically increases yearly.  The longer you wait out on acquiring a plan, the higher the price will get. 

Lastly, discounts are also available for married or domestic couples and are eligible for coverage even if only one of them is applied.

Coping with LTC costs is easy as long as you plan early.  Don’t wait out and ensure yourself and your family’s security.

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