Wellness Choice

Are you so well off financially that if you should become incapacitated with a long term condition or illness that you could afford to pay for your own daily health care?…. Most likely not. What if some unforeseen health circumstance where to happen to your spouse or a family member? Could you afford to pay for their needs over a long, extended period of time?…. Again, probably not. Do you believe your health care insurance will cover both you and your family indefinitely in the event of a catastrophic injury or illness?…. If you are like most folks and say yes, then you could eventually be in for a financial disaster.

Why should I concern myself now with a future situation that may or may not affect me?

…The short answer cliché is because the future is now. Odds are that at some point in your life you will end up in a long term care situation. But, do you have a spouse? Do you have a family that you are directly responsible for supporting financially?…Then you need LTC for them. Do you have a plan for your financial future? How about a plan for retirement?…If not, then both are prudent plans to have in place including arrangements should you find yourself in an extended state of ill health. Think of the premium payments as the cost for peace of mind, not only for you but your immediate family.

Isn’t LTC insurance for older folks who have health issues?

…Exactly the opposite. The best time to purchase an LTC policy is when you are young and in good health. Due to your younger age, the insurance carriers will evaluate you at a lower risk. The overall costs of the premiums you pay will be substantially less that if you wait until middle age or older. Conversely, whether you are younger or not, if you are already struggling with serious health challenges, then most insurance providers will not cover you with LTC coverage. Finally, if you wait until reaching middle age or more, even if you are in good shape physically, you will pay considerably more for LTC coverage.

What kind of financial relief can I expect from my LTC policy should I ever need to use it?

…Depends on several factors including the policy you choose. Generally, you can expect to receive assistance with basic living needs (i.e. feeding, bathing, dressing, toileting, etc.), and health care facilities (i.e. assisted-living, nursing home, in home, etc.). Some policies even provide for either rehabilitative care or therapeutic care, in your own home. It’s a good idea to shop around, not only to save premium dollars, but to compare policy benefits from one carrier to another. Check with a licensed insurance agent or broker who specializes in LTC. Better yet look for a Long Term Care Specialist who only handles this type of specialized insurance.

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