When some folks are confronted with the fact that they'll need long term care, their defense is that they won't need specialized care. They argue that they would be well taken care of by their own. It's not uncommon for a loving couple to say, "We'll take care of ourselves if any of us needs long term care." How wise is this position? Look at the scenario below to grasp the inherent danger in this position...
Tony and Tonia love themselves dearly. They appreciate the fact that either of them might need long term care as they grow older. However, they "know" the love they have for each other will make "easy" to take care of the spouse needing long term care. Reality 101...!
1. Most men are older than their wives and men often die a few years earlier than their wives. You don't need to be an expert in anything to appreciate this fact. Just look around you.
2. As couples get older, both of them get frail, with their fragility increasing as the years pass by. How easy will it be, for example, for a seventy-five year old woman to help her 80-year old six-footer of a husband in and out of the bath tub? People get some frail at some point in their lives that they practically have to be lifted in and out of bath tubs.
3. Even in cases where the lady is able enough to cope with this tough task on her own, the level of stress she goes through could make her fall sick too. Worst case scenario: She also starts needing long term care.
4. For those who have very supportive children, they come in to help take care of their parents. Apart from the fact that this is very stressful financially, it robs their kids of all or much of their social life.
5. They soon realize they need specialized long term care. So they start paying from their pockets. With costs running as high as $7,000 per month, you can predict how long they can keep up with this.
While this is a grim picture, you still don't need long term care insurance if you have little or no assets and investments you need to protect. The government will take care of you.
But what if policies on Medicaid change tomorrow? And it looks very likely because of the rate at which the 80 plus age population is exploding in growth. Would you like to put your future in the hands of fickle politicians?
The choice is yours. You can go ahead now and get a long term care insurance policy that will cost you between $1,000 and $5,000 yearly. You can also wait and see if you'll be among the privileged few who'll grow old gracefully without the need of long term care. And, if you are NOT so privileged? Be ready to pay up $84,000 per year on long term care.
If you want to get a policy, you can save by getting and comparing quotes from many insurers. This simple process will help you save a few hundred dollars at least if you do it right.