You may be like millions of other Americans and never consider the prospect you may need some type of long-term care in the future. That’s okay, at least for a while. If you are in your 30’s or 40’s, you still have time. But, if you’re in your 50’s or even early 60’s, now is the time to consider long-term care insurance.
That’s because the older you are, the greater your chances become of requiring some type of long-term care in your future. It may be due to a medical emergency like a heart attack or stroke. But it can also be the result of an accident.
Every morning that you wake up and get out of bed is another day of possibility. There’s also another chance of becoming involved in some type of accident, whether it’s a slip and fall, automobile accident, or something else that lands you in the hospital.
Why is now more important than ever to consider long-term care insurance?
If you have been paying attention to the news lately, things are not looking so good. Even though the stock market is holding onto its gains, the nation is getting deeper and deeper into debt.
Pensions across the country, both private and public, as well as Social Security are woefully underfunded. Savings are minimal. In fact, 78 percent of full-time working adults in the United States are living paycheck to paycheck (CNBC).
That’s full-time working adults.
If you have any savings at all, a retirement portfolio, a 401(k), or even a mortgage or you own your house outright, guess what? In the event you require long-term care at some time in the future, don’t expect your current health insurance provider to cover it. And, don’t expect Medicare or Medicaid to pay for it.
That’s because most health insurance policies will only cover short-term care and Medicare or Medicaid won’t cover long-term care expenses until a person uses their available assets, which can include the equity in their home.
The sooner you start, the more affordable it can be.
When you get started on a long-term care insurance policy earlier in your life, it will likely be more affordable as a monthly premium. The longer you wait, the more you risk being denied because of age, family history, or health issues. Also, the longer you wait, the costlier it could be as far as monthly premiums are concerned.
That’s why now is the time to consider long-term care insurance.