Thursday, January 29, 2015

Long-Term Care Insurance: Does Baby Boomer Need It?

You may have read, seen or heard that for people aged 65 and above, the odds of needing long-term care services at some point in their life is 70%, so how come baby boomers are ignoring this prospect? Boomers have seen their parents struggle with long-term care, they are aware of the emotional, mental and physical devastation people have to deal with as a result of not taking necessary actions to plan properly for future health and long-term care needs.

Denial is one common reason, a lot of elderly adult think that they will not need it and if they do, they are confident that their family will take care of them. If you are ready and willing to pass the financial and emotional burden to your family, then you can skip planning. Or if you have sufficient funds to cover around $94,000 annual nursing home cost plus other expenses like medicine, supplies, groceries, etc. One viable way to manage the risk of ltc is long-term care insurance, since it is not a one-size-fits-all product, you have to identify if it is right for you?

Determining your need for long-term care insurance will help you create a plan that will address issues based on your personal situation and circumstances. The future is unpredictable therefore, assessing your needs can be a complex process but if you know the factors that you need to consider, it can be a good start for careful and wise planning. Longtermcareprimer provides tips on how to determine your need for long-term care insurance to guide you if you need to get a coverage or not.

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