Nov 5

Long Term Care Insurance - Insurance To Help Prepare For The Unthinkable

post Category: Long Term Care post postNovember 5, 2007

Long Term Care Insurance - Insurance to help prepare for the unthinkable.What are the odds? During your lifetime, the chances of using your car insurance are 1 in 47, chances of suffering a loss under your home insurance policy are approximately 1 in 88, but the chances of your needing assistance in activities of daily living are about 2 in 5.

To get a good idea of just what long term care may consist of, just think about what you did this morning:
  • Climbed out of bed
  • Walked to the bathroom
  • Used the toilet
  • Took a bath or shower
  • Got dressed
  • Ate breakfast

To an insurance company these activities would be considered Activities of Daily Living (ADLs). Now, let’s suppose that you become unable to do any of these activities without the assistance of someone else - that’s what Long Term Care Insurance is all about.

 

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Is Long Term Care Insurance Right For You?

You probably should not buy long term care insurance if you live on limited assets and can’t really afford to pay the insurance premiums for the rest of your life.


You probably should not buy long term care insurance if you live on a limited fixed income, like Social Security or Supplemental Security Income (SSI).

You should consider long term care insurance if:

  • You have significant assets and income and want to protect those assets.
  • You do not want to depend on the government or someone else for your possible long term care needs.
  • You want to be in control of the type and place of long term care.

 

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