Insurance is best and favorable when sought early. Be enlightened on “Why I Should Plan A Long Term Care Insurance Now and Not Later”.
Getting elderly is not something I enjoy thinking about. To be honest, I have avoided that subject for the majority of my adult life. Plans for retirement? Perhaps. But insurance for long-term care? It always seemed like something for those who use pillboxes and walkers.
Then something took place.
My father fell.
The descent wasn’t spectacular. He shattered his hip after slipping in the kitchen. However, that one incident set off a series of events that completely upended both his and our lives. After undergoing surgery and rehabilitation, he was unable to live alone. The question we had never anticipated was suddenly staring us in the face after my mother had already passed away:
How will we pay for his care, and who will provide it?
I stopped considering long-term care insurance to be optional at that point. I came to the realization that being prepared is more important than becoming older.
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Why I Should Plan A Long Term Care Insurance Now and Not Later
What Exactly Is Long-Term Care?
Nursing homes are only one aspect of long-term care. I used to think that was a common myth. Actually, any assistance you require over an extended length of time because of a chronic illness, impairment, or just aging is considered long-term care. It may consist of:
- Help with everyday tasks like eating, dressing, and taking a shower
- Home health aides
- Services for adult daycare
- Facilities for assisted living
- Units for memory care
- competent nursing care
The worst part is that Medicare and health insurance do not cover the majority of this.
To reiterate, long-term care will not be covered by your health insurance.
The Financial Reality That No One Discusses
The price of care is exorbitant. I’m referring to between $50,000 and $100,000 year, depending on your location and the type of care you require.
Even while in-home care seems like a less expensive option, the costs quickly mount. The cost of hiring a certified home health aide for just 20 hours per week can exceed $2,000 per month.
These are also long-term expenses. People frequently require care for years, particularly if they have dementia or Alzheimer’s disease. For more than three years, my father required 24-hour assistance.
In some ways, we were fortunate. As a family, we contributed to his savings. However, I could see the tension. I looked at the bills. I witnessed how my siblings and I had to balance employment, children, and elder care because we hadn’t made any plans in advance.
And for that reason, I’m doing it in a different way.
Why I’m Making Plans Now Rather Than Later
I am in my thirties. If I told most of my friends that I was looking for long-term care insurance, they would probably chuckle. However, this is what they don’t comprehend:
The best time to purchase coverage for long-term care is while you’re young and healthy. In addition to being extremely expensive, waiting until your 50s or 60s could result in your complete rejection.
The sweet spot? Typically, it occurs in your mid-30s to early-50s. You have more options, underwriting is easier, and premiums are cheaper. Prior to any “pre-existing conditions” appearing on my medical record, I would like to lock in an insurance as soon as possible.
The fact is that I have no idea what the future will bring. We don’t. However, I am aware that when I become older, I want options. I don’t want to burden my children. I don’t want to spend my retirement money paying for a nurse. I want dignity. I desire independence. And I want a strategy.
The Actual Coverages of Long-Term Care Insurance
For a moment, let’s get down to business.
Although long-term care insurance plans differ, the majority of them include:
- Benefit amounts on a daily or monthly basis (e.g., \$150 to \$300 per day)
- A predetermined duration of benefits (two, five, or even lifetime)
- Home care, assisted living, nursing home, and memory care are among the several types of care.
- Protection against inflation (so your benefits increase over time)
- Elimination period (you pay out of cash for a predetermined amount of time until the insurance kicks in, much like a deductible)
Since I know I would prefer to remain in my own house for as long as possible, I am personally searching for a policy that covers home care. Additionally, I’m choosing inflation protection. In thirty years, the costs might not even be touched by what seems sufficient today.
However, isn’t it pricey?
The thing that shocked me the most is that, if you purchase it early, it’s not as costly as you might have assumed.
Based on the level of coverage, prices currently run from $70 to $150 each month. To be honest, that’s roughly how much I spend on streaming services. In contrast to Netflix, this truly protects my future.
It is a commitment, indeed. It is an investment, yes. However, in the long run, it might save my family and I hundreds or even thousands of thousands of dollars.
That, in my opinion, is well worth the money.
Mental tranquility for myself and my loved ones
The older I become, the more I understand that control isn’t the goal of planning. It has to do with being kind.
I’m giving the near future self options by making long-term care plans today. More importantly, though, I’m relieving a great deal of the burden on those who care about me.
- My partner shouldn’t have to rush to figure out how to take care of me.
- My children shouldn’t have to pick between their parents’ needs and their careers.
- My siblings battling over who is “doing more” is not something I want.
I’ve witnessed how difficult that is. I have experienced it. I also don’t want to do it again.
What’s stopping you, then?
Perhaps you’re ignoring this issue if you’re the same way I was a few years ago. Perhaps you believe that you are too young. or that you’ll “take care of it later.”
I’m telling you not to wait.
Investigate. Speak with a financial counselor. Obtain quotations. Pose inquiries. Recognize the policies. Make a strategy even if you decide not to buy today. Consider long-term care in the context of your overall financial situation.
since aging is unavoidable.
But being taken by surprise? That is not required.
Ultimately, it’s about freedom rather than fear.
Being afraid of the future is not the reason to plan for long-term care. It’s about assuming responsibility for it.
It’s about ensuring that you have options regardless of what life throws at you.
And that’s what true security looks like to me.
