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It is apparent that most people do not treat long term care insurance (LTCI) with much importance as they do other insurance products such as car, home, life, and disability among others. Despite this reality the question at hand is why do insurance companies continue to churn out LTCI policies and offer these to a resistant public that has no intention of buying? Only one reason comes to mind and that is the fact that no amount of resistance from the public can change the fact that between today and 2030, seven million of the total population of elderly people aged 65 and older will require long term care. Apart from the need of the elderly folks for custodial and medical attention, there’s one third of the total population of disabled people to consider, as they are younger than 65 but in need of long term care already. People can continue to ignore the truth that there will come a point in their lives when they will no longer be as strong as they are today to perform the normal activities of daily living. Once their bodies turn frail and can no longer function, however, they will realize what they have neglected before. It will undoubtedly make them realize what they should have prioritized above a new car and yearly home upgrades. Unfortunately, when this realization comes and they apply for a long term care insurance policy, they won’t get any insurance company’s approval anymore. They’ll have to self-insure as they planned earlier using their savings in the bank and other accumulated properties. At present, a home health aide will cost $55,480 annually but if you’re expecting to receive custodial care 20 years from now, you’ll have to spend roughly $221,920 a year for a home aide. Financial experts have foreboded that rates of LTC facilities will increase fourfold in 2030 so today’s rates of LTC facilities will be passé by the time it’s your turn to receive care. Another prediction from the experts is that 40% of the elderly population that are currently 65 or older will need a skilled nurse to look after them for about two and a half years. Private nursing home rooms currently cost $77,745 a year so imagine if you have to spend $310,980 annually down the road! Once all of your assets have been wiped out by home and nursing care expenses, which by the way will only take a year and a half or even shorter, you’ll recall the chance you had to secure an LTC insurance policy for low annual premiums, but which you deliberately declined perhaps for something else which you deemed more necessary to your life. Most of all, upon reaching 84 years old and you see your children gradually throwing away their personal plans, careers and dreams just so they can take care of you 24/7, this will not only sadden you but envelope you in guilt. Spare yourself from this guilt and your family from the burden. While you’re strong and active at work, secure a long term care insurance policy and experience the joys and comforts of old age. Secure your financial future with long term care insurance. For more details on the provisions of CLASS Act, please visit CompleteLongTermCare.com.
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