Let’s talk about Long Term Care Insurance
Let’s talk about an insurance product that is one of the least talked about in the industry but may save you from financial hardship in the event of a sudden decline in your health as you age.
The product I am referring to is Long Term Care. What is Long Term Care? Quite simply the policy will pay out a weekly fixed amount in cash should you be unable to perform two out of six daily living activities whether you are at home or in a long term care facility
The activities are as follows, Bathing Dressing, Toileting, Transferring, Continence and Feeding. There are also provisions for Alzheimer’s and Dementia.
There are many of us looking after aged parents who are facing these grim realities. Not only is it exhausting for the care giver, who typically is a spouse or the children, but those fortunate enough to hire outside caregivers are saddled with huge costs which often destroy a person’s finances, affecting where they live and how they live. Many people simply run out of money.
The other major issue is the dignity and the care of a parent. No one wants to see their parents naked or have to deal with bathroom issues.
Having Long term care insurance is the ideal solution. How comforting would it be that you will not be a burden to your children financially or physically. Unlike some other insurance policies, the cost of long term care insurance is reasonable. For example, a 50 year old Female non smoker can be covered for $500 a week with a 90 day waiting period and an unlimited payout for as little $129 dollars a month.
You cannot afford to be without this protection, and I can assure you the government will not look after you.
