Determination to Buy Long Term Care Insurance

Have you asked yourself lately, who should buy long term care insurance? Anyone who cannot stop upgrading his PC, car, and home furnishings is no doubt financially capable of buying this insurance product.

According to LTCI experts, individuals who have an annual income that is not below $75,000 are encouraged to buy a long term care insurance (LTCI) policy to hedge potential financial losses in the future.

Unfortunately, not everybody in the country earns that much in a year but this fact should not disqualify them from applying for an LTCI policy, right? Each person is responsible, after all, for his own finances so if he is determined to cut back on some of his daily expenses and whims, there is no reason he won’t be able to save enough for the annual premium of his policy.

Each year the cost of care increases so growing old without a concrete long term care (LTC) plan can jeopardize not only your health and finances but your loved ones as well. It’s a chain reaction, your long term care decision, so if you start off on the wrong foot this will eventually affect the people in your life.

Say if you wake up one day and realize that you cannot get up from bed anymore, let alone use the bathroom and take a shower that makes you an ideal candidate for LTC. Perhaps in the early stages you can afford to pay a home health aide to assist you with the activities of daily living (ADL) namely eating, bathing, toileting, dressing, continence, and transferring or walking.

Unfortunately, the hourly rate of a home health aide won’t be $19 forever. What do you plan to do if it suddenly increases to $21? Now this is just about in-home care expenses. In the event that your health condition gets any worse and you would require nursing home care, $20 or even $30 won’t be enough since the average daily rate of a nursing home is $209.

This is the time when family members begin to shell out their money to cover your LTC expenses. Once you’re done receiving care, the people you love will probably be relying on food stamps for their daily meals.

Who Should Buy Long Term Care Insurance?

It’s true what the experts say that LTCI is not for everybody. It’s especially not recommended to people whose monthly income is below the poverty level.

But if you’re a white-collar worker and you can afford to purchase high-end home equipment and signature clothes and shoes, don’t you think dilly-dallying an LTC plan is pure selfishness?

People who love their families plan for their future health care. People who want to keep their independence and self-worth until the day they breathe their last would look at their options. People who work so hard so they can attain their goals and provide for their families will see to it that their efforts won’t go to waste.

If you are any of the above perhaps you already know who should buy long term care insurance. Just remember that your LTC plan should not be dictated by money but determination.