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Harvard Health Blog
Few plan for long-term care though most will need it
- By Mary Pickett, M.D., Faculty Editor, Harvard Health Publishing
As a service to our readers, Harvard Health Publishing provides access to our library of archived content. Please note the date of last review or update on all articles. No content on this site, regardless of date, should ever be used as a substitute for direct medical advice from your doctor or other qualified clinician.
Simon Wilby here. I agree with Rachel, we as a whole, do not purchase insurance because we hope to use it, but because we hope we don’t have to face the hard times ahead should we need this type of insurance and realize that we do not have it.
There are many Americans in the world today that do not care to face their mortality and therefore neglect to plan accordingly. Then later they discover that they should have taken the time to plan better in the face of tragedy.
It is an epidemic of epic proportions.
Simon Wilby | CEO
The Smart Inventor
I’m 36, and looking at which long term plan to choose. There’s so many! And there’s no guarantee the insurance company will still exist when I need it, or still cover the benefits I paid for. And what if I need to move? And will inflation swallow my benefits? And you have no idea who to trust, what to believe. Everyone is trying to sell you a bag of goods, rather than seeing you as a person. I have no idea what to choose.
I hope you read the article I cited…it is much more comprehensive than my post.
your post “Few plan for long-term care though most will need it ” is quite informative for my research, now I must complete my research for my paper.
This might sound a bit morbid…but I kind of live by the philosophy of “live long drop dead.” I don’t want to just limp by for the last years of my life barely breathing and needing 6k a month of help to live. That being said, I think preventative health care is more important than ever. I plan to exercise and eat healthy foods until my final days. Hopefully I go quick in my sleep once I reach triple digits. I don’t ever want the decision to have kids to involve asking “who will take care of me when I get older?”
Long Term Care a reality for millions of Americans and it is time we as a nation stepped up and planned for our future.
many people never consider on their long term heath care…they prefer to life according what they need and what they like…without counting on what they should need
Do not stretch to buy a policy that covers 100 percent of anticipated future costs. It is far smarter to buy the amount of coverage for which you are sure you can keep making the premium payments. It makes no sense to buy a policy today that you will have to abandon in a few years because it is too expensive; you will get no benefit if that happens. Focus on what is safely achievable: Better to buy a policy that will cover 25 to 50 percent of future costs than no policy at all.
Posted May 30th, 2013 at 12:59 pm by polish auto
I completely agree with your article above. Long Term Care is a fact of life for almost all of us and just because we may not need it today doesn’t mean we won’t at some point in the future. I think that it’s very important to plan for these types of situations. There are so many examples of people in society who have been stricken with some form of injury or illness and are now helpless when they need long term care most. I own a manufactured homes business and have met many seniors over the years who have lived through this type of situation. You honestly can’t help but feel sorry for them. Based on this, I try to now implore people to sign up for long term disability insurance. It is affordable and will ensure that you are covered when this type of issue occurs.
Yes, I agree that there’s a high chance that most will need long term care services since more and more people are living longer and ending up alone without family members to provide care for them. So if you’re asking why long term care insurance is important, it’s simply because you need to have a strategy how to afford quality care in the future.
We found that Long Term Care Insurance is very useful and needed in Florida. We help Seniors and Families for free to find safe housing in assisted living for the state of Florida. It is very hard these days and with this insurance and early planning it will help a lot….
There is a good chance you will buy Long Term Care Insurance and never use it. There is also a good chance you will buy Homeowner’s Insurance and your house will never burn down. However, people recognize the fact that should their house burn down, they would have to exhaust all of their financial assets in order to regain a normal life.
It is no different with Long Term Care Insurance. If you have a substantial amount of assets, it is in your best interest to invest in Long Term Care Insurance. It comes down to making a small mistake and paying premiums for a policy you will never use vs. not having coverage and having to pay an average of $80,000 a year for a nursing home out of pocket, for 3-5 years.
That being said, do your research. At LTC Tree, we help consumers shop online, with NO sales meetings and no pushy sales tactics. We want our clients to make informed decisions about their specific needs so they are not underinsured or overinsured. It can be tempting to purchase the first policy you find, but do not make that mistake. Be sure you are purchasing a policy from a highly rated provider that has financial stability and longevity.
Long Term Care is becoming a reality for millions of Americans and it is time we as a nation stepped up and planned for our futures.
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