Greetings!
 

Due to advances in medical technology, our society has been experiencing an increased average life span. Today, we are living almost twice as long as our ancestors did only 100 years ago. Unfortunately, along with this comes the drawback that the longer we live, the more likely we may need long term care (LTC) before we die. There are several common objections to the idea of purchasing this type of coverage: 

Family history indicates that care won't be needed  People often assume that because no one in their family has ever needed LTC, they won't either. It is human nature to think that YOU will never need long term care. After all, things like that happen to OTHER people, right? That is what most of us would like to believe. Because we don't think it will happen to us, we are often reluctant to plan ahead for future LTC needs. The reality is that there is a strong possibility you will need some type of long term care at some point in your life.

While many older people need long term care, it is important not to overlook that young people can need LTC too. Some common reasons that young people can need LTC are: strokes, Parkinson's disease, cancer, multiple sclerosis, and accidents to name just a few. Surprisingly, statistics show over 40% of Americans receiving LTC benefits are under 65 years old.

I can't see myself ever going into a nursing home  People may have a hard time admitting they may need long term care because they associate LTC with nursing homes and may have a negative impression of these facilities. In fact, we may live our lives promising our parents that we will NEVER put them in a nursing home.

The good news is there are many more options that weren't previously available. Now it is possible to stay at home or live in an assisted living facility rather than go to a nursing home. Many people are more realistic about seeing themselves needing long term care in their home.

We'll take care of each other  Being a round-the-clock caregiver is a herculean task. If there are no LTC insurance funds available to alleviate the burden, the caregiver spouse may become ill from the day-to-day stress. Ask yourself a couple of questions: if you are elderly or in poor health to begin with, will you really be able to handle the tasks that may be required? And after one spouse dies, who will take care of the survivor once he/she no longer has a "built-in caregiver"?

My kids will take care of me/us  Although you might hope that your children or other family members will take care of you, families have changed a lot over the years making it more difficult to take on the responsibility of care giving. Do family members live in the same geographic area? Would one of them be able to afford to reduce or stop working? Keep in mind that it is very difficult, if not impossible, to become a primary caregiver while holding down a job. Given the prevalence of divorce in our society today, what if there are multiple sets of parents and in-laws to juggle caregiving responsibilities among? What if your child is in his/her 70's when you need care - or needs LTC before you do? Lastly, are you prepared for the potential embarrassment involved if your children have to attend to your personal care needs?

The decision to purchase long term care insurance really depends on your specific circumstances and goals. And because today's LTC insurance policies offer a variety of features and benefits, it pays to take your time when choosing your policy. A well-designed LTC policy may be one of the best financial decisions you'll ever make, playing an important role in giving you and your family the peace of mind that you will have the necessary resources to pay for quality care - where and when you need it.  

If you have not already put a LTC policy in place, talk with your planner about the pros and cons for your particular situation. We offer several policies that can be customized for your needs and budget, and would be glad to discuss the options with you.