It's easy to come up with reasons not to think about long-term care. The whole idea can be scary, and it's a difficult subject to talk about, even with your loved ones. But there are three powerful reasons why you should make the effort.
Let's go through them together:
Reason #1: You don't want to be a burden on your family.
If you make a plan now, you won't have to rely on your family for support. They can be there because they want to, not because they have to. They'll also know exactly what your wishes are if you ever need care. For example, you might have a strong preference for home health care instead of assisted living. Your family won't know that unless you make a plan and share it with them.
Reason #2: You want to choose the kind of care you receive.
If you don't make a plan now, your choices for care may be limited later by your budget. Take a look at the average prices for types of care, listed in the chart below (Genworth Cost of Care Survey, 2021). The least expensive option is adult day care. But what happens on nights and weekends? To maintain independence and relieve the burden on your family, you might want to be part of an assisted living community. But look how much more that costs! With long-term care insurance, you'll have more control over how and when you receive your care.
|Home Health Aide||Adult Day Care||Assisted Living||Nursing Home - Shared Room||Nursing Home - Private Room|
Reason #3: You want to protect your spouse's quality of life.
If you get sick before your spouse, he or she will play a big role in your care. But what happens if your care takes a big bite out of your retirement budget? How much do you need to leave for their future? What if you don't have enough? These are tough decisions that no one wants to make. To ensure there's enough money for your spouse to live on after you get sick and pass away, you need long-term care insurance. All it takes is one call now, and I can help you make a plan that avoids all these uncomfortable questions.
Long-term care insurance keeps you in control of your life!