The Argument for Long Term Care Insurance

by Richard F. O'Boyle, Jr., LUTCF, MBA

As people age, insurance becomes more and more important. Health insurance and life insurance are the two most common sorts of insurance which are important to older adults. But this doesn’t mean that they are more important than some other, less discussed, options.

One example is long term care insurance. Americans are living longer than ever before. What’s more, because of the size of the Baby Boomer generation, it can be expected that there will be more older adults alive in the United States than at any other time in history. As such, there will be many millions of Americans who will be entering a future which is largely uncertain.

I say this because most Americans are not prepared for retirement. More than half of Americans don’t invest at all, and this doesn’t bode well for older adults who are about to give up work mostly or entirely. Indeed, old age can be very uncertain for people who have savings. Imagine what it must be like for people who have little or none?

If you are an adult who didn’t start investing as a young person, you likely won’t have enough invested at the time of your retirement to sustain your present lifestyle. You may have much less than that when the time comes. One of the best ways to prepare yourself for the most financially prone time in your life, without outside investments, is to pay for long term care insurance now. LTC Tree is one of the best ways to find great deals and provisions with regard to long term care.

Long term care will be in the future of many adults, more with every passing decade. Long term care can be had in many different forms. People tend to think of nursing homes when this topic is brought up, but there are more options today than ever before. Some older adults live in active communities, which are meant to keep them engaged with life. But for adults who can not afford something like this, or are too ill, another care facility or in home care are perhaps the best options.

The most attractive of these two tends to be in home care. For adults who wish to remain independent during their retirement, this can offer a measure of freedom well into their old age. Depending on the situation, in home care can be more or less expensive than a traditional care home or facility. While some people will prefer one or the other, long term care insurance can help pay the bills when the time comes.

This makes the prospect much more affordable. Rather than having to foot the bill after retirement, or after an injury or illness, you will have been paying for this form of insurance for many years. It’s also a great option if you want to start such an account for an aging loved one. Many people will care for aging parents or grandparents in their future. What better way to prepare them for a happier, more independent life years down the line than with long term care insurance, something to give them peace of mind for the future.