One Diagnosis Changes Everything. Learn Facts About Long-Term Care and Insurance

We spend our lives working to enjoy our golden years. But one diagnosis can wipe it all out, if you're not prepared. Better consider  preparing for long-term health care before you retire.
Updated: May 7th, 2021
James Kelly

Contributor

James Kelly

We spend our lives working to enjoy our golden years. But one diagnosis can wipe it all out if you're not prepared. An estimated 5.8 million Americans aged 65 and older have Alzheimer's dementia today. By mid‐century, the number of Americans aged 65 and older with Alzheimer's dementia could total 13.8 million people.

Your changing health, including the increased risk of dementia as you get older, can be devastating to your family and finances in the decades ahead.

Care is Costly

Should you protect yourself and your family by investing in Long-Term Care Insurance? WILX-TV in Lansing, Michigan, took a look at the facts about LTC Insurance. 

The costs of long-term health care are very expensive, not just in Lansing, Michigan but nationwide. According to the LTC NEWS Cost of Care Calculator, the average cost of a nursing home in the Lansing area runs over $9000 a month, a little over the national average. But in 20 years, it is expected to be over $18,000 a year. However, most long-term care is delivered at home or in assisted living. Those costs are much less but still very costly.

How would your life change if you needed long-term care? Read more by clicking here.

Health Changes as You Get Older - Plan Early

People require long-term care services due to an illness, accident, or the impact of aging. Alzheimer's and dementia are just one of many reasons people will need care. The risk of you needing care increases with age. Is long-term care part of your retirement plan? If not, which one of your children would decide how you would be cared for and how to fund that care?

You can't delay the decision into purchasing Long-Term Care Insurance until you need care as policies are medically underwritten. That means you must have reasonably good health to get a policy in the first place.

Most people start planning in their 40's and 50's as they take advantage of current good health and low premiums. Affordable Long-Term Care Insurance will safeguard your future retirement income and assets, including your 401(k), IRA, 403(b), and ease the burden care places on your family. 

Remember, caregiving is physically and emotionally demanding on your loved ones. Paid services are expensive and continue to get more costly as the years go by. 

Use Specialist to Help

Seek the advice of an experienced and qualified Long-Term Care Insurance specialist to help you navigate the many options. Premiums can vary over 100% between insurance companies for the same benefits. Be sure the specialist works with the top companies so they can match you with the right one.

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