Is Long Term Care Insurance Right for You?
These days, it seems that people are living longer than ever, which is a great trend worth nothing. The bad news, however, is that the older a person gets, the more likely they are to encounter health issues. Of course, if you live a long time with major health issues, things can easily get quite costly.
Some people opt for long term care insurance in order to cover expenses like the cost of assisted living or home health care, should they need it. But how can you tell if long-term care is right for you or your senior loved one, and what can you expect to pay? Read on for more information on making this critical choice for you and your family.
The Pros and Cons of Long Term Care Insurance
The obvious advantage of long-term care insurance is that it takes away the worry of what you will do if you find yourself in need of long-term care. Of course, you will want to make sure that the policy you buy actually covers the programs and services you expect you will need.
The main disadvantage of long-term care insurance is that it is yet another monthly premium you will have to pay, on top of all of your other existing bills. The problem here is that like with all forms of insurance, the more likely you are to need it, the more it will cost. Further, if you wait until you need it, then you may not be able to get the insurance at all.
To get the maximum benefit of long-term care insurance for the best possible rate, you will need to start buying the insurance when you are young and healthy. It may hurt to give away that money every month for something you may feel like you will never need, but in the end, it could very well be worth it.
You can use a long-term insurance calculator to figure out exactly what kind of monthly premium you can expect to pay.
How Else Can You Pay for Senior Care?
If you are a senior in need of long-term care, Medicaid may cover some of your expenses, but probably not all of them. You may want to consider setting up a medical investment account now to draw on should you need it later in life. Many seniors also depend on the generosity of children and other loved ones to help out with the cost of extended care.
Should You Get Long-Term Care Insurance?
There are a few factors you will want to consider when thinking about long-term care insurance. First, is it somewhat likely you may need long-term care down the road? Do you have health problems now? Is there a history of health problems in your family when family members are older? Are you at high risk for health problems later in life for any reason?
You will also want to think about the kind of support system you have. Do you have children, siblings, or other relatives who would be in a position to help you should you find yourself in need of senior care? Do you have significant retirement income to draw on?
If the answers to the health questions are mostly yes, and the answers to the support questions are mostly no, then you should strongly consider long-term care insurance.
If you or a loved one is in need of senior care right now and you are in the Portland or Northern California areas, Golden Placements can help you find the kind of care that best suits your needs and budget. For assisted living communities, nursing care or other senior care assistance, contact Golden Placements today.