Playing the Waiting Game

Posted by LIVING WELL Magazine on October 5, 2012 in Articles, Finance & Planning, Indiana, Indianapolis North, Insurance, Local Editions

Playing the Waiting Game

By Elise Roberts, CLTC, Indianapolis North LIVING WELL Magazine

Putting off purchasing long-term care insurance into the future might seem like a way to save money right now. But playing the waiting game just means that every day you wait, you don’t pass go with a clear plan for protecting you and your family, your property and your assets and it allows that the chance of the costs increasing and of missing the opportunity to get insured altogether are what you might draw.

Generally, the amount you pay for long-term care insurance is based on your age and health. And you must consider inflation: meaning every year, long-term care costs rise; and while you wait, the amount you will pay for insurance continues to get more expensive.

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The longer the waiting game, the more you risk:

  • Paying more for long-term care protection insurance
  • Paying more for care by not planning for the type of care and budget it will need
  • Getting sick or injured without having the insurance in place
  • Being unable to get insured

Many people have not considered what would become of their finances if they or someone close to them became incapacitated, even temporarily. Although it’s tough to contemplate, it is likely that you or someone you love may eventually need LTC. Statistics show 40% of people currently receiving LTC are adults 18 to 64 years old. And over 70% of people over age 65 will need some form of long-term care.[1]

LTC services range from custodial care in the home to medical care in a nursing home, and the majority of LTC services provide assistance with activities of daily living, such as dressing, bathing, eating, transferring, and toileting. You are generally considered to be in need of LTC if you have difficulty performing two or more of the daily activities due to physical and/or cognitive limitations.

If you have accumulated retirement accounts or savings, and your funds are sufficient to cover LTC expenses, then you may believe you’re ahead of the game. However, outliving your resources and your wish to leave assets behind could interfere with the best-laid plans.

Now is the time to prepare your plan for long-term care insurance, minimizing the financial risk associated with extended care and relieving the burden of uncertainty for yourself and your loved ones. Should you need daily assistance, LTC can help cover the expenses of nursing homes, assisted living facilities, or even home health care. Coverage can allow you to remain independent, while increasing your options for care.

Being proactive, informed, and decisive now will help you have a solid life gameplan including long-term care insurance to protect your future. Pass go with confidence in your independence, your financial security, and your wellbeing.

Elise Roberts, CLTC is the owner of Your Long Term Care Resource, Inc. and became focused on long-term care based on her family’s experience–- driving home the importance of early planning for the unthinkable. Her certification underscores 24 years of work in the insurance and financial services industry. Her knowledge and expertise reinforces practical education and affordable solutions for people to plan for the future. The American Association of Long-Term Care Insurance just named Elise as a top long-term care specialist statewide, number one in Central Indiana, and among the top 35 nationwide for 2012. You may contact us at yourltcresource.net or call 317-730-5336.

1 National Clearinghouse for Long-Term Care Information, U.S. Department of Health and Human Services, 2010.