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Financial Adviser No one wants to dwell on the unfortunate what-ifs that could occur in the future; however, if you head into your retirement years without planning for the possibility of needing long-term care in case of illness or disability, you could be putting undue burden on loved ones, risking bankruptcy and limiting your options for your care. Invest in insurance for long-term care now, and rely on the benefits of this wise decision.

More Affordable Than a Lump-Sum Bill

If you think about paying for care over a period of months or years, you may wonder if you’ll wind up paying more in the long run than by gambling on the idea that you won’t need long-term care and then paying a lump sum if you do. Firstly, if you live long enough, you’re going to need some form of care, whether it’s in a facility or with aides who visit you at home, so the likelihood of you not getting a return on your insurance investment is virtually nil.

Second, you’re unlikely to pay more for premiums than you do for a lump-sum bill — those lump-sum bills can cost tens or even hundreds of thousands of dollars, depending on what type of treatment you receive. And regardless, it’ll be far easier for you to set aside a small monthly payment now than to come up with a fortune when you get a bill.

Relieve Loved Ones of the Financial Burden

No matter how much you set aside for retirement, it still may not be enough to cover the cost of long-term care, which can run tens or even hundreds of thousands of dollars annually. If you’re in need of such care for 10 years or more, you’re facing a fortune. Medicare and financial aid may help offset the cost, but if you don’t have insurance specifically for long-term care, your loved ones are likely going to have to chip in.

Your loved ones may have families of their own to support and their own retirement to save for. If they deplete their finances paying for your care, a vicious cycle of borrowing from the next generation or going bankrupt will begin.

Relieve Loved Ones of the Emotional Burden

Some families who can’t afford the cost of care will opt to take care of their ailing loved ones themselves. There are two reasons why you should opt for long-term-care insurance so this doesn’t have to be your family’s only option: 1) They may not be qualified to give you the care you need, and 2) It will cause an emotional burden they might not be able to bear. Caregivers are at high risk for developing stress, anxiety and other health problems as a result of the emotional implications. Care insurance gives your family the option of seeking professional care and enjoying the time they spend with you, not stressing out over it.

Lock In Lower Rates Now

You may be young and spry now, with retirement just starting or still a few years away, but if you wait to get long-term-care insurance, you’re going to face higher rates. Insurance works in a way that the more obvious it is you’re going to need care — in other words, if you’re ailing at the time you try to purchase insurance — the more it will cost you. If you buy it when you’re relatively healthy and still have years of independent living ahead of you, you’re going to pay a lot less each month, even when you do start to slow down.

About the Author: Kara Tanking is a contributing blogger and frequent writer of long term care insurance reviews. As a former nurse’s aide, she knows firsthand about the emotional and financial burden that long-term care can cause families.