No matter the amount of your contributions to your company-sponsored health insurance, it will not be enough to cover your long term care expenses. Indeed, it’s true what experts say about the country having a big population that still lacks information on long term care; perhaps 3 in 4 need more resources so they can completely understand why they need to plan for it. Long term care (LTC) has a monumental impact on the nation’s economy because the government has been spending beyond its budget to cover the expenses of uninsured individuals receiving care in various LTC facilities. As the population that requires LTC continues to grow, so does government’s expenditures because the number of Americans that have already planned their LTC is smaller than those who haven’t. Countless families had to sell their homes and use up their resources for a loved one’s LTC needs. Those who don’t keep abreast of the cost of LTC have to understand that it gets higher by the year. It’s too unfortunate that not many people mind this, instead, they act as though the government will abruptly do something for them should they require LTC in the future. If only this mentality would be dropped and everybody starts focusing on how they can afford LTC someday without sacrificing their assets and current lifestyle, more people shall enjoy life after retirement. On the other hand, if this misconception continues to run in the minds of people it will result in complacency and they will not cease to put the blame on the government once they start to feel the weight of LTC costs. 3 in 4 Need More LTC Advice Just because a relative of yours is currently confined in a nursing home’s Alzheimer’s special care unit it does not mean you’ll end up in the same place. Still, you have to have an LTC plan because one day you will wake up old and frail. As one gets older he would inevitably experience functional limitations and thus require another person to help him perform the ordinary activities of daily living such as eating, bathing, toileting, dressing, transferring, and continence. Someday, when you find yourself in such situation then you are at the receiving end of LTC. Planned LTC is good for you and your family but an unplanned one will push everybody in your family into the financial pit. At present, the average annual rate of a nursing home ranges from $77,745 to $84,000, but residents in Washington, Hawaii, Alaska, and California say you would need at least $100,000 these days to afford a year’s stay in a nursing home. LTC seems to be always associated with aging folks but statistics show that more than 40% of the population in LTC facilities comprises of individuals between ages 18 to 64. Babies who were born prematurely need long term care so what more individuals who have fractured a spine, a hip, or have come down to degenerative diseases such as cancer, diabetes, hypertension, and Alzheimer’s among others? Top long term care insurance (LTCI) providers and LTC professionals are currently educating people nationwide about LTC via the 3 in 4 Need More Campaign. Listen to what they have to say and take action.
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