Most people don’t think about themselves needing a care giver to provide assistance with basic living activities. Activities like dressing, bathing, and eating. Most people simply avoid the thought all together. FACT: 70% of people reaching the age of 65 will require long-term care services at some point in their lives.

The Pitfall for Waiting Too Long to Confront the Reality

The paramount reason to address the prospect of your “long term care” sooner rather than later is, the COST. The cost of LTC insurance is typically based on your age and health at the time you apply. So the longer you wait the higher the cost of coverage may be.

Many Wrongly Assume that they Can Cover the Extreme Cost of Care

It is important to remember that without a long-term care insurance policy, a person is essentially “self-insuring” against the risk. This means that they will be paying the cost for care out of their nest egg. This puts a tremendous burden on retire income quickly eroding the nest egg. . Although it may be that some wealthy individuals have the financial means to cover the high costs for care; it is certainly not a realistic financial plan for the majority of families.

A Smart Plan

Regardless of your financial situation, paying a reasonable insurance premium to pass on high the cost of your long term care to an insurer just maybe the smartest plan to protect your assets and loved ones.

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