Long-term care insurance is one of the most misunderstood and frequently forgotten forms of insurance coverage available, but research shows it’s also one of the most needed and likely to be used. Here’s some information to help you better understand your needs.
Alarming statistics. Nearly 80% of people will experience six months or more of disability that interferes with their ability to perform basic activities of daily living like grooming, eating or being mobile, according to the U.S. Census. Serious illness or injury resulting in high medical bills is one of the leading causes of bankruptcy and may result in years of financial hardship. With fewer safety nets and exploding government deficits, it’s more important than ever for individuals and families to have secure coverage.
Long-term care insurance provides coverage for the elderly as well as the disabled - making it an important part of your estate plan needs at any age. The extra cost of a serious illness or injury, lost wages, and the time and effort required by family members can quickly create the perfect financial storm. Having long-term care insurance can ensure that you and your loved ones receive the care needed at any stage of life.
Buy sooner, not later. Long-term care insurance is most affordable when you need it least. Young, healthy individuals are often surprised by how affordable it can be. Unfortunately, most people wait until they are older or already experiencing a health crisis before obtaining quotes.