Do you ever think about the future and wonder what might go wrong? Some people do. A lot of people don’t. That’s because most of us don’t really want to think about those worst-case scenarios. Yet, if we aren’t contemplating the possibility some bad things might happen to us, we are probably not properly insuring ourselves and our family. That goes for long-term care as well as anything else.
Long-term care insurance is a valuable asset for people in their mid-to-late 50’s, but the sooner you start a policy, the more cost-effective it can be. The thing is, most people don’t think they will ever require long-term care.
We have a tendency to live in a sort of bubble.
This bubble involves an idea that nothing bad is going to happen to us. Until it does. When we were teenagers, we couldn’t even fathom the idea of life ending for us too soon.
Yet, as we move through our 30’s, 40’s, and 50’s, we start to face increasing risks of health issues. We might worry more, pay closer attention to the things we eat or get exercise more diligently.
Still, even though we start taking better care of ourselves, we don’t think long-term care will be necessary. Let’s say, for example, it does. Perhaps 10 years from now you suffer a stroke or major heart attack. Or perhaps you’re involved in an automobile accident that leaves you in a coma for several weeks and then trying to recover with physical therapy for months.
How will you pay for that long-term care?
Most people incorrectly assume their insurance coverage is enough.
Most health insurance providers don’t cover long-term care expenses. If you think Medicare or Medicaid is going to kick in once you’re over 67, think again. This federal health coverage is only going to start covering long-term care expenses after you use up all your available assets.
That could include the equity in your home. Now, how would you pay for long-term care? This is a clear reason why it’s so important to think about those worst-case scenarios in the future.
Don’t fall victim to assuming everything will be covered and everything will be all right. You may never need long-term care, it’s true. But, the older you are, the more likely you will require some type of long-term care in the future.
It’s nice to have insurance that will cover those long-term care costs when that time comes.