“I won’t get sick, it won’t happen to me.”
It’s an easy assumption. But The Insurance Mom doesn’t want you to go there.
Here’s what’s real. Most of us will need some kind of long term care at some time in our lives. In California, the cost of a one-year stay in a nursing home or care at home could be tens of thousands of dollars a year.
When it comes to financial planning, figuring out how to pay for Long Term Care is often the last thing that families talk about (it’s scary!), even though it may be the most important. Failure to plan, however, can be even worse.
Long Term Care Insurance covers not only the cost of care at home, but also in a skilled nursing facility or hospice.
LTC is not covered by your health insurance! LTC is not covered by Medicare!
LTC is basically the help you may need when you are not able to do some of the basic stuff (called the “activities of daily living” or ADLs), like bathing, dressing, toileting or moving from a bed to a chair.
You might need assistance if you suffer from a broken leg or a long illness.
What does Long Term Care Insurance do?
LTC insurance gives you a chance to plan for future Long Term Care expenses and protect yourself against the horribly high costs of Long Term Care.
Without LTC insurance to protect you, how will you pay for the expenses of a care giver, a nursing facility, hospice?
Let’s face it, not many people have a whole lotta cash stashed away. Do you really think that you’ll be able to sell your assets (if you have any) if you’re ill or injured or incapacitated? Do you really expect your friends and family members to give up their lives to take care of you 24/7?
Failure to prepare for the cost of Long Term Care is the main cause of financial troubles as we get older.
Get the care of your choice, i.e., at home (always the preferred choice), skilled nursing facility, assisted living facility, adult day care, hospice.
If you own a home, you probably have fire insurance, even though only 1 out of 1000 home owners will ever have a serious fire. Consider that 600 out of 1000 of us will eventually need some sort of Long Term Care Insurance.
You know you are my favorite and I only want what’s best for you. Contact The Insurance Mom.