Largo Financial Services

INFOGRAPHIC: 6 Reasons You Should Buy Long Term Care Insurance

Long-Term Care

According to the American Association for Long-term Care Insurance, the following are the top motivators that prompted current long-term care insurance policyholders to purchase their policies:

    • 52.1% – planning for retirement or entering retirement
    • 34.7% – influenced by an experience with a loved one who needed long-term care services
    • 23.6% – protecting their assets
    • 18.1% – security or peace of mind knowing future needs would be met
    • 17.4% – avoiding being a financial burden to family

(above data based on telephone survey of long-term care insurance policyholders by the MGR Group)

As shared in this great infographic from below, 75% of people over the age of 65 will require some type of life insurance, as people are living longer. The annual costs of care in nursing homes and at-home care provided by a skilled worker are rising every year at the rate of 5 to 8 %. Without long-term care insurance, 72% of Americans, unfortunately, find themselves impoverished after just one year in a nursing home, as Medicare does not cover all of the expenses that most people think it does.

Here Are 6 Reasons You Should Buy Long-term Care Insurance Today:

  1. To preserve your savings and assets;
  2. To help maintain your financial independence and possibly eliminate the need to borrow money for long-term care costs;
  3. To relieve family and friends of caretaking responsibilities so you do not feel like you are a burden to them;
  4. To allow you the freedom to choose where you would like to receive care (in a nursing home or at home);
  5. To ensure you are able to get a full range of the long-term care services that you may need from home health aides to adult day care to home delivered meals and much more; and
  6. To get the best price options for your policy; the longer you wait to get a long-term care policy, the more expensive it is.
Tags :
asset protection,baby-boomers,long-term care,seniors
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