The
purpose of insurance in general is to preserve assets by leveraging
premiums to buy a benefit at a far lower rate than the cost
of paying a claim. Today people are living longer than ever
and have a greater probability of surviving into old age.
With longer life spans, the likelihood of needing and using
long term care becomes self-evident.
Previous sections described the current and anticipated
costs of long term care. It’s expensive and it's only
going to rise. The government is limited in its present
and future ability to help towards long term care. Medicaid
and Medicare are also limited in the types and conditions
in which they can provide support and might not offer the
care you prefer.
Private Long Term Care Insurance policies are the only
way you can be assured of protecting your assets and guaranteeing
your future living standards.
The message being sent by the federal government clearly
indicates that Medicare is not to be used by middle or upper
income Americans. Medicare requires that you spend down
your assets to provide for your own long term health care
BEFORE you can become eligible for benefits and then the
government determines the amount and type of care you can
receive. A private long term care insurance policy tailored
to your choices is the only way you can be assured of protecting
your assets and guaranteeing your future living standards.
You plan and choose now for your future care and caregiving.
You may want to opt for home care, assisted living care,
or choose a nursing facility that best meets your standards
and needs. Choice is not available with most government-funded
care. By having the options that come with a private long
term care policy you can maintain your independence and
stay in your own home as long as possible.
If you have a spouse at the time you need care, will your
spouse be able to physically care for you? Do your adult
children live close by? Would they have the time and financial
resources to provide the type of care you need? What if
your needs are more extensive, such as bathing or dressing
or what if it included 24/7 care for mental dementia, such
as Alzheimer’s?
Long term care can quickly gobble up the entire inheritance
you thought you’d leave for your family or bequests
to churches or worthy causes.
Long term care is the way you mentally and financially
prepare for your own future needs. It avoids the heart-breaking
decision making process that you and your family may suddenly
have to endure in trying to finance and limits to your choices
in long term care at the time of need. Also consider that
in the event of a sudden medical condition or accident,
long term care may be needed before the onset of old age
and you may be uninsurable. It gives you the promise of
choice of care, independence and protects your assets.
