Money is tight. You’ve been going over your budget and understand that while you’ve been investing properly for retirement, things are tough. The economy continues to roll along, but taxes in many states have increased to the point where it’s making life more difficult for its residents. If you’ve been considering long-term care insurance at this point in your life, but have decided against it because of money difficulties, that’s certainly understandable.
However, if you could comfortably afford a long-term care insurance policy but still decided against it and you’re in your mid-to-late 50’s or early 60’s, there may be things you don’t fully understand about your potential future.
Below are three possible situations, or scenarios, you might face and if you don’t have long-term care insurance, it can completely wipe out all of your assets, savings, and even force you to sell your home or take out a reverse mortgage to cover these expenses.
1. An accident.
Most people never think they’re going to be involved in a serious automobile accident, trip down the stairs, or face some other mishap. But they happen every day. In fact, just about every couple of minutes there’s a serious accident that leaves somebody disabled or in a serious health emergency that could take months or even years to recover from.
If you get involved in an unforeseen circumstance, an accident, not only is that going to make it difficult for you to work and earn money, but you may have amazing long-term care expenses to cover on top of it.
2. An unforeseen, unexpected health emergency.
There may not be any history of heart disease, stroke, or other serious health ailments in your family. All of your grandparents could have lived well into their 80’s and 90’s. You expect the same.
What you fail to realize is the food most of us consume today is a lot different than our grandparents and great grandparents had. Much of it is processed, full of sugar, and not doing our bodies any good. You may have a clean bill of health, just passed your physical with flying colors, but suffer heart attack or stroke or aneurysm.
If you survive this, the road to recovery can last for many months, even years.
3. Developing dementia.
Again, you might not have anyone in your family who had Alzheimer’s or any other type of dementia, but that doesn’t mean you’re immune. The pressure this will place on your spouse or other family could be tremendous. Relying on an experienced long-term care facility or provider is a great asset, but how much does that cost?
If you don’t know, it’s time to figure that out. These are just a couple of examples of things that can happen and why long-term care insurance is something to seriously consider now.