Thursday, May 20, 2010

Wednesday, May 5, 2010

Why Do Americans Need Long Term Care Insurance?

It is imperative in this day and age to have some sort of health coverage for yourself and more importantly your family. Not being prepared for the future is one of the biggest pitfalls anyone can make. As people’s life expectancy continues to increase, so does the cost of living and maintaining a healthy lifestyle. That is why you must think ahead and decide if you are going to utilize long term care insurance. It is a big decision, but one that needs to be made before it is too late and becomes expensive.
With the average human life span surpassing 84, due to all the advances in medicine, a person can expect to live a lot longer than what was once thought possible. With your extended life span, it now becomes a necessity to have some sort of plan in store for you and your family in these elderly years. You do not want to have to rely on the support of your family, but you do want to live comfortable. That is why there is long term care insurance, also known as LTC insurance. This is a form of insurance that will protect you during the last years of your life by providing you with a safe and comfortable living situation.

Why become dependent on your friends and family to support you during these years, when you can have some type of LTC insurance plan set up for you. By utilizing long term care insurance you will not have to worry about money spent to keep your lifestyle in place. Think about it, in 1994 7.3 million Americans needed long term care (LTC) services at an average cost of nearly $43,800 per year and the numbers keep on rising, mainly due to inflation. In 2000 the number of Americans requiring LTC jumped to 9 million with an annual cost of approximately $55,750! If you do not have this type of money to spend, then it is a good idea to start thinking about your future and long term care insurance.
What does all this mean to you? Well, if you are young then you have time to start planning and thinking ahead about what you want to do to ensure your future finically. If you are middle aged then it is a great time to start looking into long term care insurance and the benefits it can offer both you and your loved ones. If you are elderly it still might not be too late to get LTC insurance, although the rates will be significantly higher than if you got your plan at a much earlier age. All in all, long term care insurance is a good investment for your future.