Despite the fact that many people understand the benefits of purchasing long-term care insurance, this type of coverage is relatively unpopular when you take the total population into consideration. Even though baby boomers are reaching retirement age at record numbers, and people develop more health problems as they age, this type of insurance is not being purchased at the rate that many would expect.
It doesn’t matter if you are one of our California readers or live in another part of the country, the ability to purchase long-term care insurance is something that needs to be considered.
Many people are faced with a long-term disability, yet they don’t have the insurance coverage they need to pay for care. Subsequently, their life is turned upside down, and their financial situation is never the same.
Some people don’t purchase long-term care insurance because they believe it to be too expensive. Others shy away from this because they think that since they are in good health right now, they will always be in good health. Of course, there are those who are against buying insurance because of what it entails.
There is no denying the benefits of long-term care insurance, especially for those who are reaching retirement age in the near future. With this type of policy in place, the covered party will gain added peace of mind regarding the future.
A long term disability is something that most people believe will never happen to them. Protecting against this with the right insurance is critical. An experienced attorney can help you determine how long-term care insurance best fits into your health care and estate plans in the future.
Source: Financial Post, “Top 5 reasons why long-term care insurance hasn’t taken off” Mark Halpern, Jan. 11, 2014