In this age of medical advancement, we are living longer than in decades past. However, even in our advanced years, we still need quality personal care. The chances that a person will need care in their senior years are great: 70 percent of Americans over the age of 65 will need some form of long-term care for their daily needs, including bathing, dressing, and eating.
A person will need care for an average of three years, but 20 percent of older adults may need care for five years or more, whether in a nursing facility or their own home, and the cost of that care is high. Could you benefit from having a long-term care insurance policy? Consider the following misconceptions about long-term care insurance that many have; the information may help you decide what is right for you.
I don’t need long-term care insurance because my family will take care of me.
While it is true that your family could care for your physical needs, consider the emotional burden that day-to-day caregiving tasks will put upon them. Though your loved ones would - think about whether you really want them to do so. If, one day, you need help taking care of personal needs like using the restroom and bathing, would you not rather have the help from a trained caregiving professional? Long-term care insurance provides the means to have assistance from a licensed home health agency.
I refuse to be put in a nursing home; therefore long-term care insurance is not for me.
When long-term care insurance was first brought to the market over 35 years ago, it provided only for nursing home care. Today, most policies provide for both in-home assistance and nursing home care. In a very real sense, long-term care insurance can keep you from having to go into a nursing home.
I’m not old enough, nor am I sick, so I don’t need to think about long-term care insurance.
Thinking of long-term care insurance in this way can be like saying, “My house isn’t on fire so I don’t need home insurance.” Once you have been diagnosed with an illness, it will become difficult or impossible to secure long-term care insurance. Many find it simpler to obtain this coverage before they become eligible for Medicare, anywhere from age 52 to 64. Only 17 percent of people in their 50s are denied coverage - but 45 percent of people in their 70s are denied.
Long-term care insurance is complicated, and I don’t have time to deal with it.
There is a lot to think about when considering long-term care insurance. The options may feel complicated, but you are not alone in dealing with these choices. The experienced advisors at TMA Insurance Trust can do the research for you, examining the options available in light of your needs. We can help you save time and simplify the process.
At TMA Insurance Trust, we have helped Texas physicians protect their future for over 60 years. Our advisors don’t work on commission, so they offer unbiased assistance without obligation or sales pressure. Contact us for trusted advice for your long-term care insurance needs.
For over 60 years, TMA Insurance Trust advisors have been serving Texas physicians, their families and staff. TMA Insurance Trust prides itself on offering unbiased information and strategies to members, along with exclusive group rates on a range of the highest-rated plans in the industry.