If you are looking toward the future as a resident of Madison, Columbus, North Vernon, or Seymour, Indiana, long term care insurance should be on your radar. Unfortunately, many people do not heed this type of advice. They have always been self-sufficient, and they assume that they will never need help with their activities of daily living.
The United States Department of Health and Human Services maintains a website called LongTermCare.gov. They have done a great deal of research, and there is a lot of good information on the site. According to their findings, 70 percent of people that are fortunate enough to reach the age of 65 will need living assistance at some point in time. Some people can get the help that they need in their own homes, but many will reside in nursing homes and assisted living facilities.
How Long Term Insurance Prepares You for the Future Where Medicare Doesn’t
Another dangerous misconception is the idea that Medicare will pay for long term care if you ever need it. In fact, Medicare does not cover custodial care, and assisted living communities and nursing homes are exorbitantly expensive. Genworth Financial tells us that the annual median cost for a unit in an Indiana assisted living facility was $48,300 in 2017. For a private room in a nursing home, the figure was $93,804.
There aren’t too many people that could pay out-of-pocket comfortably, and this is why long term care insurance is so important. If you have coverage in place, it will go into effect if you ever decide to move into an assisted living unit or a nursing home.
Long term care insurance is more affordable for younger people than it is for older individuals. This is why it is a good idea to consider long term care insurance when you are still relatively young. Other factors that impact the cost of the premiums are the maximum amount of the policy benefits, the duration that would be covered, and benefit options that you may or may not include.
Now Is the Time for Action!
Time flies, and before you know it, your senior years may start to appear over the horizon. Though your golden years can be extremely enjoyable as you spend quality time with your family, it is important to think about the twilight years as well.