Long-term care insurance is often overlooked. Many people don’t even realize it’s available. As couples and individuals move through their late 40’s, 50’s, and into their 60’s, they would do well to consider long-term care insurance.
That’s because it is a valuable asset for those planning on retirement and who have significant savings, own their house, and have other assets. Below are three quick examples of people who were impacted because they either had long-term care insurance or chose not to carry it.
An Unexpected Accident
Roger and his wife Melanie were in their mid-50’s. Their children were grown and on their own. They had been saving for retirement and hoping to get a jump on travel and enjoying the later years of their life early.
One day, a couple of years before Roger planned to retire, he was involved in an accident on the freeway. He was in critical condition for many days and then had to go through a year of therapy, surgeries, and then more physical and occupational therapy.
It cost them over $300,000 in nursing home expenses their insurance didn’t cover. He also required ongoing support and was no longer able to work. Not having reached full maturity for his pension, it became clear Melanie would not be able to retire for another eight years, if not longer. They had decided against long-term care insurance and paid for it in the long run.
The Beginning of the Golden Years
No one in Stephanie’s family had ever been diagnosed with Alzheimer’s. So, when she started noticing memory related issues, she was confused. Her and her husband Tom wrote it off as just “age-related challenges.”
10 years later, when Stephanie passed away from the disease, Tom could have been left broke, but because they had long-term care insurance, those final three years of assisted living at a memory care facility were covered.
It was one small consolation in a sea of difficult circumstances and decisions, but Tom was grateful for the help.
The Stroke Hit Out of The Blue
Seventy-two was too young for stroke. Yet, Michael woke up in the hospital almost a week after it struck, unable to move the left side of his body and without the ability to speak. He and his wife Sharon had a long-term care insurance policy, even though he felt the premiums were a waste of money (at the time).
During the next two and half years, Michael would spend significant time in a nursing home as well as receiving home care support as he relearned how to take care of his daily routines. Most of that was covered by their long-term care insurance policy.
These are just a few quick examples of how people can be affected by one’s choice when it comes to long-term care insurance. More often than not, people ultimately realize just how valuable this insurance is. Hopefully, more people begin to place true value on it for themselves and their family.