You might…especially if you have considerable financial wealth that you could lose.

First, you should consider some of these sobering statistics:

Nearly 60% of men turning 65 will need some type of long- term care in their lifetime.

For women, it is nearly 80%!

20% who need LTC will need it for more than five years.

The average nursing home stay is two and ½ years.

40% of people needing LTC are under age 65.

Perhaps what’s even more astounding is that at least two-thirds of all home-care assistance is provided free by family members and friends. What this really means is that the quality of life of several family members is usually affected when one member requires special care.  Loss of income, lifestyle changes, increased stress and personal health issues is what the family member can expect when they take on the daunting task of the family caregiver.

Medicare provides very limited benefits for LTC. For those who cannot afford, or simply cannot qualify for long-term care benefits, Medicaid assistance is quite common. But not everyone can qualify for Medicaid.  Ever heard of the ‘spend-down requirements’?  First you have to spend whatever you have before becoming Medicaid-qualified.

But what if you’ve been quite fortunate in life? You’ve worked hard; you have sacrificed, and you have saved for your retirement. Yet, you could lose it all, or most of it anyway, with a lengthy stay in a nursing home or assisted living facility.

Is it worth the risk? Only you can decide. However, consider the cost. Whether it is a nursing home, or assisted living facility the costs can be staggering; $38,000 to $75,000 per year, depending on the accommodations and amenities.

Even the cost of Home Health Care (which is the preferred choice for many people, and is covered by a long-term care policy) can range from $25,000 to $40,000 per year. And yes, these costs will continue to grow as the demand for such care is anticipated to increase each year.

When is the best time to buy Long-term Care insurance? When you are still reasonably healthy! Money does not buy LTC insurance, but good health does!  And of course, so does age. Older Americans should not be discouraged in getting long-term care coverage. However, if you are under 60, including those of us as young as 40, you are highly encouraged to start a plan now.

For more information and free consultation services, contact the Bekan Life and Health Division at 800.894.8225. Ask for one of our extremely helpful agents! We look forward to meeting with you.