Long Term Care Insurance: Providing a Wealth of Peace.


Insurance. It’s that pesky thing that we all hate buying. That is, until the very moment that we need it. And in our temporal, ever-accident prone world, we all need insurance.  Health, dental, car, house… the list is long. 

Yet, there is one type that is scarcely mentioned, mostly overlooked, and rarely prioritized in our short-sighted culture: long term care insurance. It is one of the most critical tools that an individual will need to preserve wealth and peace of mind throughout the span of his or her life. 

Contrary to popular belief, many of the services needed later in life are not covered by health insurance. This is an unfortunate reality, considering that the elderly community often requires assistance and care that is very expensive. The costs, many of which are unforeseeable, can mount quickly, leaving the individual and family unprepared.

That’s where long term care insurance can play an important role in both a person’s health and financial status. It provides excellent benefits, which include home care, assisted living, adult day care, respite, hospice, nursing home, and the option for an Alzheimer’s facility.

An added bonus is that purchasing long term care protection is usually inexpensive. Of course, there are many factors that determine a person’s premium, such as age, health status, and pre-existing conditions. However, the general rule of thumb is that the earlier in life that a person begins planning and preparing, the more affordable his or her long term care plan will be. 

There are also instances, before the age of retirement, in which long term care would be beneficial. Statistically, in America, 1 out of every 5 people will sustain an injury or illness over the course of his or her career. This results in a loss of income due to the person’s inability to work.

Without the proper preparations in place to protect existing wealth, the cost of care can rapidly erode the individual’s funds. Social security disability benefits might help, but they often fail to provide the lifestyle maintenance in which the affected person is accustomed. Destitution and poverty are predictable outcomes without adequate financial planning and forethought.

Understandably, most people do not want to consider that a scenario like this could be their reality. Becoming ill or sustaining an injury is stressful, by nature of incident. Growing older presents new challenges and, sometimes, special accommodations. Thankfully, long term care plans help take the financial anxiety out of the equation, so that we can focus on what really matters: health, happiness, and family. 

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