Many Fearful About LTC Costs
Most Americans’ greatest fear about aging is being able to afford long term care. A lot of people mistakenly think the government is going to pay for their long term care. Statistics show that only 20% have taken steps to preparing themselves for long term care. Not only that around 50% of people assume it will be paid for by the government.
People majorly underestimate the cost of long term care. Which is why so many are unprepared when the time comes to pay for their long term care. Becoming aware of of the costs is the first step. If you don’t enroll in a policy you will most likely be unable to afford the steep costs and end up completely draining your life savings. Long term care insurance is to prevent that from happening.
Just knowing that over 75% of people will need long term care at some point in their life is enough reason to enroll in a policy and to protect yourself from financial turmoil. Not to mention, if you end up not needing long term care, there are policies that will allow you to select a beneficiary to receive your money invested into your policy.
Surprisingly, millennials beat out baby boomers on not expecting the government to pay for their long term care, and knowing that they will most likely need it at some point. They were also more likely to enroll in a policy. Which goes to show how many older people are unaware of how much of a necessity it actually is.
Making sure that you and your loved ones are taken care of is the most important thing. Being financially stable is the goal. You don’t want to leave your family in a financial crisis when you have the option to enroll in long term care insurance that can prevent that. Don’t wait until it’s too late. Make sure your loved ones are informed and are prepared for their future.