Many individuals are not aware of the realities that they may face as they age. As a result, they are left largely unprepared, especially from a financial point of view.
The price of quality senior living is rising rapidly and is poised to skyrocket in the next 10 to 15 years. Even more troubling is a shortage of financial resources to help seniors afford their care. Individuals will have to plan ahead in order to avoid a highly complicated and stressful situation in the future.
Long-Term Care Insurance
Do you own your own home? If so, you almost certainly have a homeowners’ insurance policy on that home. Realistically, you can hope that you never have to use that policy, and if you do, it would only be once or twice over the course of time that you own the home. And that’s just to protect your property!
What about your health? What about your life?
The Department of Health and Human Services reports that, at the minimum, 70% of adults over the age of 65 will require some form of long-term care. That number will only increase in the next 10 to 15 years.
Long term care insurance provides an important measure of security for you and your family. It can provide the bulk of your monthly costs, or even the entirety, for assisted living, board and care, in-home care, and other costs associated with long-term care.
Purchasing a long-term care insurance policy is one of the smartest decisions you can make when it comes to your financial future. Individuals with such policies have a peace of mind regarding their care that most other people do not have. In addition, the younger you are when you purchase the insurance, the less your monthly premiums will be during the life of the policy.
For more information, please contact Clarendon Assisted Living, and we will be happy to refer you to some outstanding professionals in the long term care insurance industry.