The Need For Long Term Care Insurance

The Need For Long Term Care Insurance

Long term care insurance is typically associated with advancing age, and the increased probability that there will be a time when care at home is no longer possible ( . However, anyone can find themselves in the unfortunate position of requiring a long term care facility.

Even babies and children with significant medical needs are often admitted into facilities that treat on a long term basis. Should you or your significant another end up having a devastating accident or developing an illness or disease that eventually takes your ability to care for yourself, what happens to your family’s financial security?

Insurance is designed to help prevent the need to go bankrupt, trying to care for someone’s needs. Proper care can be very expensive. Getting older, getting sick, or becoming injured are situations that will not consider whether or not you can afford it. They just happen.

The increasing costs of health care are most obvious. The medical community has been able to charge higher fees for routine care in long term facilities because it helps to offset the cost of trying to care for those without insurance once you’ve been deemed to a long term facility you can expect the bills with your assets if you don’t have an insurance policy.

Signing over your assets, such as your home, not only robs your family of the estate ( . It also can seriously impact a significant other’s ability to receive quality medical care. If you pass away while they are still living, the home they know and love will end up belonging to the facility.

Getting a policy that protects you but doesn’t cost too much is not difficult. It’s not unusual for many people to put off the purchase of policy because they feel that long term care is a terribly uncomfortable subject. Of course, ignoring the presence of something that makes us uncomfortable generally doesn’t prevent the situation from happening. It’s more effective to be prepared simply.

Don’t think of selecting a long term care insurance policy as choosing to resign yourself to the idea of a nursing home in your future. Just like we buy car insurance to protect our financial interests in the event of an accident but don’t go out looking for one, asset protection when paying for long term care. Regardless of your age, there could be a day when you need medical help well beyond what can be provided for at home. Being prepared to avoid financial devastation is simply a smart move.