Long Term Care Considerations - Will I Even Need Care?
The potential for needing long-term care is the single greatest risk you face in planning for a sound financial future.
In evaluating whether to purchase long-term care insurance, it is important to look at the following issues:
- What is the risk that I will need care?
- Why might I need long term care?
- What is the cost of long term care?
- How long might I need long term care?
- What options in coverage do I have?
No one wants to think about the time when they will need long-term care. We all want to believe that only other people will need care and that we won't. Because we don't think it will happen to us, we are often reluctant to plan ahead for future long-term care needs. The reality is that there is a strong possibility that you will need long-term care at some point in your life.
People may have a hard time admitting that they could need care because they associate long-term care with nursing homes. No one in a nursing home wants to be there or thought they would end up there. A nursing home is the last place we want to receive care.
The goods news is that a nursing home is probably the last place you will have to go, because now it is possible to stay at home or live in an assisted care facility, rather than go to a nursing home. People are more realistic about seeing themselves needing long-term care in these settings.
The natural aging process can contribute to the need for long-term care. With the active lifestyles many people have, accidents are always a possibility. While many diseases and conditions can be treated by medications, they still exist and can result in someone needing care. Some factors that may impact whether you will need long term care include:
We are living longer now than we ever did due in part to new medications and medical enhancements. When you live longer, your odds for needing long-term care increases. Just because your family members didn't need care doesn't mean that you won't. Many diseases can now be controlled with medication allowing us to live longer than in the past. The fastest growing segment of our population is people over age 100.
The Likelihood of Disability
We all hope that we'll have lived a long life before we need care, but it is important to realize that young people can need long-term care too. At Imagine Insurance Advisors, we recommend you put some sort of protection in place at the youngest age that you can afford to do so.
Some common reasons young people can need care are: Strokes, Parkinson's disease, AIDS, Multiple Sclerosis, cancer, mental illness and accidents.
As you age, the likelihood of having a disability increases. Another thing to consider is that it is not uncommon for young people to develop a condition that makes them uninsurable.
We all tend to take our health for granted. Ask anyone who found out they had cancer or had a stroke how they felt the day before it happened, chances are they felt fine and didn't think there was anything wrong. Things can change in the blink of an eye.
As our ability to diagnose conditions increases, younger people are being diagnosed with chronic conditions. It is not uncommon for 20 and 30 year olds to take medication for hypertension, depression or diabetes. Nationwide, Americans are heavier and lead a more sedentary lifestyle than in the past. This can lead to chronic diseases and conditions like heart disease and arthritis at an earlier than usual age.
Chronic diseases can lead to a person developing a condition that may require long-term care. While you don't need to be in perfect health to get long-term care insurance, your health may limit the choices you have in designing a plan or the companies you can apply to. Multiple conditions may make you have to pay more for the same coverage. Contact us today to see if you are eligible for coverage. We have multiple companies available that can handle a wide range of health conditions. Remember that we keep all information confidential.