Former Giants, Red Sox and Cubs coach Wendell Kim has passed away after suffering from early onset Alzheimers. Another example of how it happens to everyone and why we need to plan in advance with affordable Long Term Care Insurance.
We all like to think it won’t happen to us … but it happens to all of us, rich or poor … well-known or not. People require Long Term Health Care for many reasons … illnesses, accidents and the impact of aging.
Health insurance and Medicare do not pay for this type of care, but affordable Long Term Care Insurance will. The question is … why have you not included this as part of your retirement plan?
Perhaps you think you will have enough money to pay for the care yourself? What you really are saying is you think it will never happen to you. The chance of needing this type of care is very high. The US Department of Health and Human Services tells us if you reach the age of 65 you will have a 70% chance of needing some form of Long Term Health Care before you pass. So this is a big risk … why would you even think of self-insuring?
You have home owners insurance but the risk of having a major claim is very small. Same thing for auto insurance. Even the chance of being in the hospital is not big … but needing Long Term Health Care … that is a real risk!
Having a plan for the physical, emotional and financial burdens Long Term Health Care places on loved ones is smart and very affordable. The first thing to do to start learning about your options.
Two places I would suggest. First, the American Association for Long Term Care Insurance has lots of consumer information. The website is: www.aaltci.org. Then you can find educational information on this topic at http://www.mccannltc.net
You can also obtain free quotes from all the top insurance companies at www.radioltc.com.