Are you worried about having the financial security to live comfortably? Do you have enough assets to leave something to your spouse, children or grandchildren when the time comes that you are no longer living? Do you have good health? Are you someone that wants to live the rest of your life in the comfort of your own home? Do you want to depend on others in order to accomplish everyday tasks? Do you have proper insurance? Are you a baby boomer?
It’s not something that most of us want to think about but, the reality is, there’s no way around it. Many baby boomers have already experienced the negative effects of paying for long term care insurance. For their generation, they don’t have the available finances today that younger generations have. As years go by and costs go up, baby boomers have to learn how to get by with the same amount of finances that they’ve been getting for years. What happens if baby boomers don’t have enough to pay for long term care insurance?
None of us know what tomorrow will bring. We have no idea if we will see another day or if our health will start to deteriorate. In order to prepare for the future, we should all consider planning for long term care. Although this can be a very costly insurance, it can really help anyone that wants to stay in their home until their time comes.
Long term care insurance is available for the elderly to ensure they have a safety net for medical expenses not covered by Medicare or Medicaid. Most elderly purchase a long term care insurance plan to avoid being moved to a nursing home. Even with high premiums, many of us would rather pay for long term care than go to a nursing home where we don’t know anybody or anything. It’s like going on vacation—it’s nice to go, but it’s even better to get home.
When planning for the future, there are certain things that we should all consider. Do you have close family or friends? Do you even have any living relatives? For anyone that wants to stay in their own home, long term care insurance provides in-home care. Home health workers can go to your home and assist you with numerous things. However, they won’t be available every day, all day, so you should make sure there is someone close by that can help whenever you need. Do you have any relatives that are willing to uproot their family in order to live close by? Perhaps you know someone that needs a place to stay. You could both benefit by them moving into a spare room in your home in exchange for helping you with everyday chores. If this is an option for you, it’s very important that you completely trust whoever comes to live with you.
It’s been noted that the average life expectancy is gradually going up. With that being said, keep in mind that you may have a much longer life than you once thought. It’s important to plan accordingly in order to ensure you live your remaining days and years where you feel most comfortable. Make the best affordable decision possible for yourself.