Get Away From Life’s What Ifs While You Still Can

By Author: Hilarie Ellis
Total Articles: 13
Comment this article

Life just happens to be full of regrets because most people tend to act impulsively instead of cautiously. In the long term care department, long term care insurance is that single product that can free people from unnecessary what ifs so read on and find out how.

Winding up in the wrong profession, buying the wrong car, investing in a business that later goes kaput, and spending one’s entire savings on long term care (LTC) services are just among the common regrets of people. Some manage to rise from their mistakes but unfortunately, there are a lot who have to deal if not live with their regrets until they breathe their last.

To avoid experiencing a financial downfall once you start acquiring LTC someday, it is best to come up with an effective plan while you still can. Find time to sit down with your family and discuss the future specifically its LTC aspect because many people in the past wound up wiping out their hard-earned money and other assets to the high cost of care.

Track your family’s medical history because ...
... according to health care professionals, a big percentage of senior folks are going to require nursing home care someday due to a genetic disease.

People in their 30s and 40s can perhaps consider some prevention tips from a geriatrician to lower their chances of developing a certain type of chronic disease. Apart from preventive measures, though, they would also need to consider a workable plan that will not only serve as their all-in-one ticket to different types of LTC settings, but will also protect their finances from the possibility of dwindling.

Long Term Care Insurance

Financial advisers say middle-class Americans can look into their varied options before planning their LTC. They can opt for hybrid life insurance with LTC rider, reverse mortgages, Medicaid, LTCI, or they can choose to pay out-of-pocket only if they acknowledge the fact that doing so will eventually lead to their financial downfall.

Self-insurance guarantees neither access to quality LTC nor asset protection. If anything, it only limits an individual to one year of care due to inflation. This is exactly why financial experts are discouraging everybody to self-insure unless they are earning half a million dollars or more annually.

Perhaps you’ve heard countless times of families who eventually ended up impoverished after they chose to brave the erratic costs of LTC which they could have easily evaded through a sound financial plan.

No matter how hard one tries to detach his finances from his health care requirements, it is just not going to happen because these come in tandem. He has to have a substantial amount of assets to be able to pay the cost of his LTC, otherwise he should start working out a good plan to protect his family from falling into the financial pit.

It is best to consult an elder care specialist, an elder law attorney, or a long term care insurance agent who is not only affiliated with the country’s leading carriers but also well-versed in LTC planning and the much-needed asset protection.

We can help you compare long term care quote by giving your free quotes from major carriers. Also, we provide other information about long term care such as long term care insurance costs.