Very few people these days ever consider buying insurance for future events. While it's difficult to convince people to purchase life insurance to take care of their loved ones after their death, convincing people to purchase a long-term care policy is even more difficult. But if you point out the benefits that they can receive with a long-term care (LTC) insurance policy, it may not be as difficult to convince them of this important need as you may think.
Benefit #1: Personal Savings is No Longer Enough There was a time when your personal life savings may have been enough to pay for your long-term care, or at least for awhile. But with the cost of health care increasing at two times the rate of inflation, your retirement savings is no longer enough to pay for your care if you ever become unable to take care of yourself. Just living in an assisted living facility for a year can cost at least $30,000. That's more than a year's salary for many people! Living in a nursing home costs even more than that.
Benefit #2: Not Depending on Medicare or Medicaid Coverage Many people have the notion that the federal government - through Medicare and Medicaid - will pay for their long term care. While this is mainly true for those over 65 on a fixed income, there are many things that these two health welfare programs will not cover. In most cases, patients are still responsible for co-payments and other costs associated with their cared through Medicare. There are also limits to the amount of care that any given patient can receive. While these regulations vary between states, the complete cost of care is almost never covered even when the patient is eligible for both of these programs.
Benefit #3: Reduced Stress As you grow older, long-term care insurance premiums are likely going to increase. Combine that with the rate of inflation and rising insurance costs and you could pay a lot more on your premiums if you wait a few years. But by purchasing a long-term care policy right now, you can get the best rates and start resting easier assured in the fact that you will have funds available to take care of you properly in the event that you are unable to take care of yourself.
When talking to people about why they should purchase a long-term care insurance policy, these are just three of the benefits that should go into your pitch. There are many misconceptions that people have about Medicare, Medicaid and other government programs that are designed to help low-income people who are unable to take care of themselves. But many of the ideas are just that - misconceptions. When they hear the truth, they will be more likely to purchase a policy to protect their assets for their heirs and give them the coverage they need to get ample medical care in their old age. And if they never need it, they can consider themselves lucky.
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