In: Operations Management
Do you think long-term care insurance is valuable? At what age should you consider a policy?
Long-term care can be an emotionally charged topic. After all, no one wants to think about themselves or their loved ones being incapable of living on their own. But if you want to make a smart financial decision and protect your nest egg, long-term care insurance is a must.
Take A and B , for example. They weren’t always smart with money, but they worked hard and built up a nest egg of $300,000.
When Joe was 67 years old, he developed Alzheimer’s disease. At first, it wasn’t too bad. B used some of their nest egg to hire a homecare specialist to help with Joe a few hours every day. But as his condition worsened, A had to go into a nursing home.
Sadly, after five years in the home, A passed away. B , now 72, is healthy as can be for her age, but she has to work full time because her husband’s stay in the nursing home devoured most of their nest egg.
A and B's story is not unique; it happens to many people every year . However, with long-term care insurance in place, you can keep it from happening to you. Finding an independent insurance broker who will shop several different long-term care companies and get you quotes can save you thousands of dollars and loads of unnecessary worries.
Did you know that most of the people turning 65 today will need long-term care at some point? Purchasing long-term care insurance can help you have peace of mind. You’ll know that if you become ill, you can afford the care you need and still have enough money for you and your spouse to eat. Plus, your kids won’t be burdened with huge payments for your care.