Buying long term care insurance policy is not so different from eating broccoli which you hated as a child but ate it anyway lest you earn the ire of mom.
I don't know with you and other adults out there but as a child I was a very picky eater. I had the habit of putting all the vegetables (especially broccoli) on the side of my plate, but when mom sees this she would say you'll miss out Vitamin A, fiber, calcium and all the other vitamins and minerals if you don't eat those. If that didn't work she'll say no TV for the entire week and that gets me to finish every leaf and stalk on my plate.
Now when it comes to buying insurance that is designed to cover long term care (LTC) expenses, many people still have a hard time conceding to the benefits that they can receive from this product in the future. They want to think that they will never need serious care so why buy this product?
The fact of the matter is that nobody wants to think about growing old, getting weak, and needing help from others. This is especially true among those who have, at some point in their lives, experienced being at the top.
Unfortunately, all of us have to face the reality that nobody stays at the top forever nor is there anyone who can retain eternal youth. What is possible though is growing old in style or class but you have to plan for this because it won't just come to you after your retirement.
Mentality on Buying Long Term Care Insurance Policy
Back to my broccoli days, I used to think of vegetables as mere accessories on one's plate to make lunch and dinner exciting. I never took my mom seriously every time she would give that kilometric speech on the advantages of eating broccoli.
Now that I'm all grown up I can't thank her enough for serving only nutritious food when I was a kid. I'm lucky to be healthy and my gauge for saying that is the fact that I'm the only one in our company who has never been scolded by the boss due to tardiness and absences.
Now broccoli and LTCI policies have a lot in common. You won't realize the importance of the latter until you qualify for care and see the soaring rates of LTC facilities in your area.
At present, people in nursing homes pay on the average an annual rate of $77,745 for a private room. It's usually individuals who need medical care that enter a nursing home such as those with Alzheimer's, Parkinson's, and spinal injuries among others.
Meanwhile, people who need assistance with the activities of daily living (ADL) but aren't chronically ill prefer home health care or an assisted living facility. Both LTC settings which have a median annual rate of $36,000 and $40,000, respectively, may cost a little lower than a nursing home but still your lifetime savings won't be enough if you're aiming for quality care.
Buying long term care insurance policy should be looked at as one of the basic necessities of life just like food and shelter because it prolongs life and provides financial security. Owning this type of insurance product will give you absolute freedom to choose where to receive care and grow old someday.
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