Thursday, February 26, 2015

Long-Term Care Insurance: A Difficult Decision for Baby Boomers

Majority of baby boomers may already have estate, financial, retirement plans, wills and trust in place. However, if these were place years ago, this is a good time to review and reassess those plans to see if the goals and priorities are still your desires and wishes. Your wealth might have accumulated or it might have been reduced and your health is not the same five years ago. You might consider making some tough decision and include long-term care in you plan.
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When asked about long-term care, a lot of boomers usually are not aware how devastating the effects of a long-term care event are. For some who knows the negative effects of ltc, they are still not planning nor preparing for it, they might have just thought about it but have done nothing to protect themselves. The lack of understanding about a certain events and how we don't think about it can cause not only harm but waste of money and a strained family relation.

With all the financial difficulties faced by baby boomers, purchasing a long-term care insurance may be a tough decision, this is the same argument that Kathy has written in her article posted at memphisdailynews, premiums are rising and there is no guarantee that you will be using your policy in the future, however, hoping that we will never long-term care services in the future is a worse plan and denying that a situation like it will rise should not be in your to-do-list. There are a number of ways to pay for future care, you just need to plan carefully and wisely.

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