Do you really need Car Insurance? Only one in 24 cars is ever in an accident.
Do you need Homeowners Insurance? Only one in 200 homeowners ever files a claim.
So let's go back to the our first question....Do you REALLY need Long Term Care Insurance?
The Answer will Shock You.....1 out of 2.....YES.... 50% of the Entire US Population, will need some form of Long Term Care Insurance in their lifetime !
That's right! Half of the population will require some form of long term care; half of us! The US Department of Health and Human Services (HHS) says that of the people 65 years old today, 40% will require a stay in a nursing home of five or more years. Right now, nine million Americans are receiving long term care of some kind. 8,550,000 of them are in their community, with someone, like a family member, looking after them. That's because the average cost of a nursing home, right now, today, in the USA, is $75000 per year. Even worse, projections say that in twenty years, in 2030, there will be 23 million Americans getting long term care, and the cost of a nursing home will have risen to $300,000 per year.
Do you need Long Term Care insurance? Maybe your kids will take care of you, but the average cost of in-home care to the family is about an extra $40,000 per year. Can your kids handle that? Do you want them to? Maybe you are thinking about an assisted living outfit. That will run you about $47,000 per year.
Do you think you want to wait and sign up when you are 65? My good friend Scott told me all he wanted was enough insurance to get himself buried, until he had a heart attack at 54. Now he can't afford long term care because the insurance company wants so much more money due to his heart attack. So here he is, a high risk, and spending his nest egg for care, when he could have been covered. Medicare won't cover him, so he has to spend all of his assets, until he is determined to be indigent. Then he can go on Medicaid. He has to be broke to get coverage!
At age 45 he could have bought Long Term Care insurance for less than $900 a year. Now, he didn't, and he is uninsurable.
HHS says don't buy LTC out of fear, or emotionally. Fear of the unknown is the basis for all insurance, so you might disagree with them. However, fear aside, you can look at the numbers and make a rational decision. You need Long Term Care insurance if you plan to live a long time. Half of the population will need it, and the other half will not live long enough, whether through accident or heart attack or something that takes them quickly. If you are in the live long enough group, you should buy an appropriate amount early. If you are in the die quickly group, you probably only need a lot more life insurance, and a good travel agent.
For Questions & Quotes:
714-988-3325
www.diversifiedinsurancequotes.com
714-988-3325
www.diversifiedinsurancequotes.com
