subject: Do You Need Long-term Care Insurance? [print this page] If youre asking yourself the question, Do I need long-term care insurance?, we can tell you, right now, without even knowing anything about you or your situation, that the answer to your question is a resounding yes! Absolutely every person needs long-term care insurance, because every person is at a risk for needing long-term care at some point in their lives. In fact, 75% of people over the age of 65 will require long-term care at some point. About 40% of these individuals will need nursing home care, which is the most expensive of all of the long-term care costs. Unless you want to take a serious risk, then you should get a long-term care insurance policy, and you should get it early! The younger and healthier you are, the more likely it is that you will qualify for long-term care insurance and that youll lock in an affordable rate. If you wait too long, until you have reached an advanced age or developed a serious illness or other medical condition, you might not even be able to find an insurance company that is willing to write you a policy!
With that said, there are some factors that can make it all the more likely that youll need long-term care in your lifetime. Again, it is suggested for every person to get long-term care coverage, but if youre really struggling and want to weigh your risks, these statistics are wise things to think about. One major risk factor for needing long-term care is simply your age! The older you are, the more likely it is that you will require long-term care. Those who live alone are also at a high risk, as are women, since they tend to live longer than men. Anyone who leads a healthy lifestyle that includes things like a poor diet, being sedentary, smoking, or excessive use of alcohol, is at a higher risk.
In addition to those who fall within one of these high risk groups for needing long-term care, certain other people absolutely should not be without long-term care insurance. One example is individuals or married couples, especially those over the age of 45, who have assets that they would like to protect. These assets can often go to paying for your long-term care expenses, but if you already have coverage, then they can stay firmly put. Furthermore, healthy individuals or couples are advised to get long-term care insurance, since they can get a good rate now but may not be able to get one later. Finally, anyone who has a family or personal history of serious disease or illness should certainly get long-term care insurance right away, in case they later become uninsurable. Common ailments that are a predictor of future long-term care needs include Alzheimers Disease, stroke, cancer, heart problems, brittle bones, dementia, and others.
Dont take chances with your life and care, and dont risk letting yourself become a burden to your loved ones. The best thing you can do for yourself and those you care about is to set up a long-term care insurance policy today.
by: Patrick Boswell
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