Top 7 Reasons You Don’t Have Long Term Health Care Insurance
Every 7 seconds another person turns fifty in the United States. Right now there are more people living on earth than in recorded history. In America the fastest growing segment of the population is over 80. History is being made as more people are becoming old and living longer than ever before. Hopefully, you will live long enough to become one of them. If you live that long, however, you will run the financial risks associated with aging. What risk? The risk of having an extended care need. In fact, many people have them now. Hospital care and modern medicine have gotten so good at managing chronic illnesses that more people live longer with impaired health.
Why am I telling you this?
I tell you this because you are in danger and don’t even know it. You are swimming in the financial deep end of the pool and don’t even know it. In reality, seven out of 10 couples will experience a long term care need in their lifetime and most of them will have to pay for care out of their own pockets. This is the first reason why you should educate yourself about long term health care insurance and the number one reason you don’t. The sad truth is you are most likely in denial.
There is no magic genie in a bottle that is going to rescue you. The hard, cold truth is you will be financing your aging expenses yourself. With outlays running as high as $70,000 a year in 2008 this is nothing to take lightly.
More denial and another reason to seriously look at long term care insurance and getting educated about your choices.
One day in the future long term health care insurance will be as typical as automotive or life insurance but for the here and now it’s an unusual idea. It is also an idea no one wants - after all who wants to imagine they’re ever going to need health care assistance. The denial of needing care is thick and lasting.
I bet right now, if I asked you “who do you know who has a long term care need” you could probably come up with a name or two. As for me I can name several. My father who was in a nursing home for 8 months; my Aunt who is in the last stages of Alzheimer’s, my other Aunt who has been diagnosed with Vascular Dementia or Parkinson’s (they aren’t quite sure). If I had asked each of them “will you have a long term care need in your lifetime?” they all would have said no. Another reason you don’t have long term care insurance - you deny this is ever going to be your story. The truth is you can’t predict the future.
Now you may never have a long term care need but in reality seven out of 10 couples do. My father did and my mother hasn’t. My Aunt’s have but my Uncle’s haven’t. This is denial reason number four. You take it for granted that everything is a-okay and will stay that way. The reality is that when a spouse gets sick the other has to start writing the checks and while one bottoms out physically the other bottoms out financially.
I can hear your thoughts – but the government will be helping me; they’ll pay for everything. Yeah, right. The government is slowly bankrupting itself as it is. With over 80 million baby boomer’s headed for retirement the social services are going to be strained on every level, state, federal, county. Furthermore Medicare does not pay for long term care. You have a limited number of days of Medicare coverage, lifetime caps and co-pays. If it does pay for long term care you have to be in need of skilled care. The truth is that Medicaid is the largest payor. What is Medicaid? It is medical welfare. How do you get it? You qualify through poverty. You spend your money until you qualify. Reason number five: you deny your risk of entering poverty in order to qualify for government help. Ouch!
Oh, I can hear your thoughts – but my kids will take care of me. Are you aware that as of 2008 the money and time lost to care giving is more than 80 billion dollars a year. By denying the risks and costs of aging you are throwing the weight of consequence on your children, their jobs and their lifestyle. This is not a solution this is denial and reason number six.
The last reason you don’t have long term health care insurance is because you don’t care enough about yourself. You owe it to yourself to plan for your life, lifestyle and financial future. Whether long term care insurance is the solution for you is unknown but what is known all of us are living longer and because of this you will face financial risks never before faced; financial risks that can literally wipe you out. Get educated today so you don’t become a statistic tomorrow.
P.S As an ex-agent and former long term care insurance specialist I invite you to learn what agents won’t tell you and companies hope you’ll never find out. Get the leaked chapters or read “Insider’s Secrets“.
