Here are answers why buying a policy from insurers makes sense:
1. Long term care is expensive
The rate of health care per month is around $3,000 to $4,500. Annually, that’s roughly around $55,000. That amount does not include other expenditures like medication and use of facilities.
Buying health insurance early can save you thirty percent from what you would be spending for health care.
That’s nearly forty percent savings which would leave you a total of $22,000 annually. Comparing the figures, it’s obvious that you’ll be saving more with LTCI.
2. A person who needs care can be a burden to the family
Getting LTCI, not only protects you from the high costs of care, it also keeps your family and friends lifted of the burden of having to shoulder the expenses.
Aside from being a financial burden, a person needing care can also be a burden to the family’s personal time.
3. Nearly everyone will need LTC in late adulthood
Almost 70% of people turning age 65 will need long-term care at some point in their lives, according to Longtermcare.gov.
All of us might need long term care during our late adulthood and some people in that age find it difficult to admit that there are times they need help.
You can avoid certain financial errors in the future by investing in a LTCI policy. You need to consider that the costs of care today will double in 20 to 30 years. You may not be worried by the costs of care today, but you have to be prepared in your late adulthood, when you are most likely to need it.