Without sounding too pessimistic, how are you planning on taking care of yourself and spouse if either one or both of you require long-term care? Are you aware of the costs of assisted living, nursing home or even what it costs for a caregiver to come into your home?
According to Met Life Mature Institute report and Genworth, it is wide-ranging but up to $75,000 per year per person. The cost is expected to hit a hundred thousand in the near future.
Do you have the financial means to pay $100,000 per year and still continue to maintain the lifestyle you had planned? What this means is that you will spend all of your assets on your long-term care until you are essentially broke. Then once all of your money and assets are gone, the government will step in.
As Americans are aging and the baby boomers are retiring, there will only be so much government to go around. You already hear about how social security is in trouble, plus medicare and other programs. There is no guarantee that you will benefit from any of the social programs that the government provides.
Do you want to exhaust your savings and leave no inheritance or legacy to the ones you care about? Do you want to be in charge of where you receive care? You have worked your whole life to be independent and in charge of your life.
The solution to this is to purchase a Long-Term care insurance policy when you are still healthy and of an age where the premiums are reasonable. A Long-Term care specialist will educate you first and then with your input help design a plan that works for your unique situation.
Before you purchase Long-Term care insurance, contact Long Term Care Insurance Pros for a free, no obligation, comparative quote from the top companies. For immediate assistance, call 877-GO-4-LTCi (464-5824)
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