Don't Lose Your Retirement Savings to Long Term Health Care Costs
In the past, generations of the same family lived in close proximity. When elderly parents or grandparents became ill, family members simply moved them into their homes and cared for them. Not so today! Families are literally spread all over the world, and the illness of a senior family member who lives far away can be a nightmare of frustration, worry, and stress.
Get a free insurance quote
from an impartial wizard
This dispersement of families, along with longer life spans for seniors, results in a need for long term care insurance. Basically, these are medical insurance policies that provide payment for all types of lengthy health care, be it for illness, injury, mental incapacity, assisted living, or home health care.
The need for long term care insurance has been made abundantly clear to me over this past year. My mother, who lives 1000 miles away, fell and broke her leg. After surgery and a hospital stay, she was released to a rehabilitation facility until she could walk 100 steps with a walker. Then she was discharged and sent home. Completely dependent on a walker to stand or move, she is not able to take care of her daily life tasks. Enter the home health care agency, to the tune of $7000 a month, to provide round-the-clock assistance. Without long term care insurance, the bill is completely my mother's.
To avoid the loss of retirement income and savings, everyone would be wise to consider the need for long term care insurance. In making a personal decision regarding this, consider the following: Is there a history of a debilitating illness in your family? If so, you might want to consider a long term care policy. Are your retirement funds limited to the point at which you have little excess each month? Again, what little savings you have will be eaten up quickly by lengthy elderly care. Will such a health insurance policy provide comfort and a sense of security to you and to your loved ones? If so, you should consider it.
Long term care insurance can be pricey and varies with the specific endorsements you select. Your need for long term care insurance will depend upon so many factors. Medical insurance rates are typically low early in life, but premiums rise as you get older. The selections vary, such as nursing home care, home health care, assisted living, extended hospital stays, cancer care, etc., and each selection will have its rate. Again, you have to think carefully, weighing the risks and overall costs of long term care health insurance.
|
