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3 Reasons to Invest in Long Term Care Insurance

1. You want the ability to access quality care quickly.

To access long-term care benefits, you must require help performing two out of the six activities of daily living. These are activities such as bathing, and dressing. As you age and start needing assistance with these items, many people rely on a spouse or other loved ones first.

If you don’t have insurance and require care, you spend down your assets to pay for care once family and friends are no longer an option. If you need care for a long time and spend all your assets, at that point government assistance programs pick up the cost of your care in a qualified nursing facility.

You are likely to access care faster when you have long-term care insurance because you know you’ll have the funds to pay for it. This is one of the reasons people buy this type of insurance – so they have the ability to access care faster, and can use the insurance company’s money to pay for it.

2. You may have a long costly claim.

Jesse Slome, Executive Director of the American Association for Long-Term Care Insurance told the story of one of the longest claims on record: a woman who paid $12,000 in premiums over only a few years, and got $1.2 million in long-term care benefits over the next 15 years. As Jesse said, “Is she lucky? No. I don’t think anyone would call her lucky.”

She had purchased long-term care insurance so her costs were covered, but I am sure she and her family both wish a long-term care need had never arisen in the first place. If you buy long-term care insurance, let’s hope you never need it. If you do, though, you’ll be glad you have it.

3. You want freedom of choice.

When you buy long-term care insurance you will have the necessary resources to afford quality care, and you will have the ability to choose how and where you receive this care.

Shopping for Long Term Care Insurance

First, talk with a trusted financial adviser about whether or not long-term care insurance makes sense for you. Coverage is complicated and sometimes expensive. Make sure your financial situation makes it a fit for you. For most people, the answer is yes.

Lastly, start shopping long before you would need coverage. You can’t predict the future but if you wait until you’re well into retirement and already have medical issues, you may be turned down or the premiums are too high to make it a smart or feasible option.

Cosmo Insurance Agency is an independent insurance agency serving surrounding communities in New Jersey. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating the latest in technology-based tools and laws on healthcare, employee benefits, life insurance and finance, we keep our clients up-to-date with the plans that encompass all of their needs, whether it is individual or group insurance.