Boomer Watch: Later Life Financial Planning - Long-Term Care Insurance is a Must!

Preparing yourself for your future will not only include having a stable job and savings for your family, but what about when you are older and you already hit the age where you are going to retire. What are the necessary preparations you made in order for you to have an enjoyable and pleasant elder life?

Photo credit: lovebeingretired.com

If you think that the money you save is enough when you grow old, then think again. By the time where you are older and needing care from care specialists, the money you saved all those years is not going to be enough to cover all the necessary expenses you are going to spend on your care services, especially if you are going to stay in a home care or if you are going to utilize an in-house care.

You must accept the fact that when the time comes, you will need the services of long term care insurance, and purchasing a policy right now, when you are still young, will be the best preparation you can make for your future. You must also inform and explain to your family the benefits you can gain if you get an insurance policy now. Having an open forum with the family will also help them prepare for the inevitable thing, called old age.

One more benefit you can get from preparing early is the discounts you can get from long term care insurance policy. If you are still young when you purchase your insurance policy, the insurance company will give you discounts on your premiums because you are considered to be a low risk insurer, due to the fact that you are still young and still very healthy. A lot of people think that they will never get to use an insurance policy that is why they are very hesitant in getting one. But this is a misconception, because by the time when they reach that age where they need care, they will be very thankful that they purchased a long term care insurance policy, but if they don’t, then regret will follow because they will have to shoulder all the expenses on care services they require.

Another misconception among many people is that they think that Medicare will be enough to take care of them when they grow old. Medicaid is also one of the things that make people think that they will be covered when they get old, but this will only cover almost half of the cost rendered from care services, causing you to shoulder the other half of the expenses, which, at your age is going to be hard to get. Furthermore, people think that long term care insurance policy is going to be hard to get, but with the right research and information, getting an insurance policy is going to be a cinch. There is a lot of different long term care insurance policy to choose from and it is in the hands of the consumers to alter each policy that will suit their needs and of course, their price range.

Due to this common misconceptions, some boomers may have been planning for retirement all wrong by not including long-term care, lovebeing retired discussed the significance of including ltc in your retirement planning.