Why do I need a Long Term Care Insurance Plan?


Most people think that Long Term Care Insurance is something that only older people should consider. In reality 40% of people that are receiving care today are between the ages of 18 to 64.  This makes Long Term Care Insurance a product that everyone, regardless of age, needs to carefully consider as an addition to their risk management planning. 

People between the ages of 18 and 64 can require long-term care for a variety of reasons. In some cases, an automobile accident or a recreational accident such as skiing can cause the need for care. Other times, it can be caused by illnesses such as multiple sclerosis, stroke or heart attack. Yes, these illnesses even happen to young and middle-aged adults. We all know of younger people who have had an accident which caused paralysis or someone who has a disease, such as Parkinson's.

Some think because they have disability income insurance they donít need long-term care protection. However, disability income is to help you continue to meet your every day bills and financial needs, not pay for long-term care. If you require long-term care, your family still needs food, clothing and a roof over their heads. Thatís what disability income is designed to do.

If you are not financially prepared for a long-term care need, your care options are extremely limited. Perhaps family members can help out?  Unfortunately, many family members today are either not geographically located close enough to participate or are not in the economic position to assist with time or money. So, what do you do? The only other option may be Medicaid. 

We understand trying to add additional expenditures to your monthly budget can be challenging, particularly for another insurance. Consider the programs carefully and consult with one of our  Agents for a planning idea or concept that might work for you.

The biggest problem facing "baby boomers" today, is the rising prospect that they will spend 1-3 years in a nursing care facility.  Many are coming to grips with the problem first hand as their parents are requiring full time care that is no longer possible in the children's home, and the parent cannot be left alone in their own home.

Is Medicaid an option?        Is Medicare an Option?