Specialist, LTCi, DI, Annuities, Life, Designs In Life, LLC, Utah
Long-term care is worth it when
1. A person is capable of affording to pay the premium for at least a base policy. There is no sense buying a long-term care policy only to have to let it go later because one cannot afford it anymore.
2. Assets that are targeted for moving to the next generation need protection against the high cost of prolonged end-of-life care.
3. There is a family history of dementia or Alzheimer's disease, or other debilitating ailment that might be genetically transmitted.
4. One does not want to be a financial, emotional, or psychological burden to their spouse or adult children.
5. Quality of care is an issue.
6. Staying at home for as long as possible if one becomes chronically ill instead of having to go into a care facility is important.
7. Adult children are willing to pay premiums for a long-term care policy for their parents.
Probability statistics are not entirely reliable because we really don't know what new medical procedures or accommodations may come along in the future that would change the current situation regarding long-term care. But, the best guess I've seen justified is that about 1 in 6 will need about 2 years of care to perform daily activities before they die. The cost for that in today’s dollars depends on where one lives and how long family members can last taking care of a seriously disabled elderly person before they need skilled help.
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1. A person is capable of affording to pay the premium for at least a base policy. There is no sense buying a long-term care policy only to have to let it go later because one cannot afford it anymore.
2. Assets that are targeted for moving to the next generation need protection against the high cost of prolonged end-of-life care.
3. There is a family history of dementia or Alzheimer's disease, or other debilitating ailment that might be genetically transmitted.
4. One does not want to be a financial, emotional, or psychological burden to their spouse or adult children.
5. Quality of care is an issue.
6. Staying at home for as long as possible if one becomes chronically ill instead of having to go into a care facility is important.
7. Adult children are willing to pay premiums for a long-term care policy for their parents.
Probability statistics are not entirely reliable because we really don't know what new medical procedures or accommodations may come along in the future that would change the current situation regarding long-term care. But, the best guess I've seen justified is that about 1 in 6 will need about 2 years of care to perform daily activities before they die. The cost for that in today’s dollars depends on where one lives and how long family members can last taking care of a seriously disabled elderly person before they need skilled help.