Long Term Care Month: Prepare Early for Your Ideal Future
October is Long Term Care (LTC) Planning Month. And an excellent way to commemorate this event is by learning how to prepare for your senior health needs. Doing so may help you look for LTC specialists and financial experts to guide you on your journey towards the desired retirement years. This kind of mindset can also assist you in shopping for the best LTC quotes in the market.
Why is Long Term Care Essential?
According to the U.S. Department of Health and Human Services, an estimated 70% of people aged 65 and older will need some type of long term care. If you have made retirement plans but have not given careful thought about your senior health, now is the best and most appropriate time to do so. Considering LTC as an important factor can help you circumvent spending the rest of your savings on medical care.
Studies conducted by major insurance companies revealed that approximately 40% of the country’s elderly individuals are classified below the poverty level in terms of annual income. These people have small savings and minimal assets they can use when it comes to their LTC needs. The given statistic proves that it’ll take a single mishap for the elderly majority to lose all their hard-earned savings quickly.
As such, it is important that you understand why long term care is necessary. Medicare, Medicaid, and other private health insurance programs will not cover the services and assistance that most people require during the elder years. Hence, planning for LTC is essential for you to ensure that you both get the care you deserve and keep your finances in check.
Because LTC is typically a concern that would only be an issue years ahead, most are not adamant in making plans for it, placing other priorities at the forefront of their to-do list instead. While all families have other urgent needs such as food, rent, and the like, they need to recognize that planning for their future needs is also an important consideration.
Long Term Care Insurance is Essential
Without any sort of LTC preparation, an elderly citizen would find it very difficult to manage the bills for their medicines and other personal care expenses in case something dire happens. As mentioned above, all it takes is one mishap for an individual to deplete his or her hard-earned savings quickly.
And the fear of the elderly not receiving the care and assistance they need during the golden years is the reason why long term care insurance (LTCI) was created. Many insurance companies today are offering LTCI policies that help prepare retirees to face circumstances that may deplete their funds. Also, these insurance companies have agents who are more than happy to answer potential customers with policy concerns, especially LTC quotes. Best of all, LTCI policies are customized to fit a policyholder’s needs. The personalization that comes with an LTCI plan is a major factor that makes it different from the usual health insurance.
Additionally, some companies provide a policy that is sponsored by their management. This type of policy is a benefit that employers can offer to its crucial workforce. The company may subtract a certain amount in an employee’s monthly income to pay the premium. These premiums, in turn, can be claimed by the employee/LTCI policyholder should the need arise later.
Getting insurance gives the policyholder and their families a welcome security for the future so that all their LTC needs are met. This is what makes an LTCI an essential tool when facing the retirement years – a plan does not only benefit the beneficiary but his or her loved ones as well.
Preparing for a Bright Future
Emphasis on preparation cannot be stressed enough. Although, premiums may seem steep when paying for LTCI coverage, would you risk your future for one that may harm both you and your family’s wellbeing? Preparing today for a secured future will always be better compared to simply facing the future and hoping that nothing drastic may happen. This is the essence of long term care insurance: you want to make sure your needs will be adequately addressed, without being a burden to anyone. Time is important – the earlier you start preparing for tomorrow, the better you can sleep at night knowing that you and your family are secure.
Before heading into retirement, make plans as early as today. Plan well ahead especially when it comes to your senior health needs. The longer you delay, the more difficult it will be to secure a policy. Delaying may also mean costlier LTCI rates (as premiums scale with a policyholder’s age). Not having a proper plan for the future could lead you to spend the rest of your life impoverished, making years of hard work meaningless. Begin preparing today – get in touch with a specialist to make sure that all of your senior needs will be addressed and met. And make sure to ask for competitive LTC quotes to get the most out of your money. Expect more articles from us this Long Term Care Planning Month!