Why we all Need Long Term Care Insurance!

Article Submitted by Sandra Harpole, Licensed LTC Agent. She may be reached at 205-240-4726.

Car insurance. We hate paying those monthly premiums until we are involved in an accident. And then we see the repair bills! Thousands of dollars...but whew...we had insurance and it will pay for almost everything. What if we hadn't had coverage?

For those of us who have driven without insurance and been in an accident, we know how financially devastating it can be. Hospital bills, filing bankruptcy, downsizing your home because you can no longer afford a mortgage or worse of all asking your family for money.

Long-term care insurance works the same way. We need to purchase it so when we get older and need the care, the costs won't fanatically devastate our family members or us.

If you are thinking about buying long-term care then you're ahead of the game. Usually what happens is that a person becomes sick enters a facility and their assets are spent down to virtually nothing. And that is the time they wish they had looked into LTCI.

Once you get LTCI you can never be cancelled as long as you pay your premium. Then no matter what happens you've done everything possible to protect yourself, your assets and most importantly the ones you love.

Over half of the US population will spend sometime in a nursing home. The average stay is about 19 months with an average cost of $60,000 per year think of how quickly that could deplete you assets. Now think about a policy with an average premium of $30 to $175 per month.

Fearful of losing economic independence, older Americans are looking for security in LTCI. Today LTCI has become "the fastest-growing type of health insurance sold in recent years." Still, only five percent of those over 65 have purchased private long-term care insurance.

Be wise in your and seriously consider how much it will cost you and your family if you don't look into LTCI. Without taking the time to educate you it could be devastating to everyone involved.