It may be just denial or just a failure to plan for something that we just don’t want to think about. This something (needing help with the activities of daily living) statistically has a 60% chance of utilizing in our lifetime. If you aren’t 50 years old you probably haven’t given this type of planning any thought. If you’re 50 or above and a planner or are in the midst of helping a parent with their activities of daily living, then maybe this has crossed your mind.
There are many misconceptions in what long-term care insurance is and what it does for you and your family. It is like so many other insurances people buy for homes and automobiles. Long-term care insurance protects your family, your assets, your dignity and your ability to make your own decision on where and how care will be given when the time comes.
It is a fact that people are living longer today. Advances in medicine today, prolong lives as well as people are more conscious about their health. The baby boomers of yesterday are quickly becoming the seniors of today. The large numbers of boomers and with their expected longevity, there will be a serious need for medical, home and nursing care.
Are you prepared to pay $6,000 to $8,000 a month for nursing home, maybe $500 a month for assisted-living or even $500 a month for home care? Medicare does not pay for prolonged care. It does pay for some care if the patient is improving and getting better, but not for long-term care.