Preserve Your Options by Purchasing a Michigan Long term Care Insurance Policy
Most people value the ability to make choices. Whether choosing the car, you drive, or where you live, choices mean flexibility. You probably want that same flexibility when making choices about your future – especially when it comes to health care. Having long-term care insurance will help preserve your ability to make these important choices.
Will you depend on Medicare or Medicaid? Medicare does not cover most long term care services. Medicaid is designed to help the poorest in our community; you would have to meet strict guidelines for your income and assets. Will you depend on your family? For many people, this may be the only option. Talking with your family will help you decide if they have the resources, expertise, time, and willingness to provide for your care.
What is long term care insurance?
Simply stated, this insurance refers to the services you may need when you’re no longer able to care for yourself and need assistance with the activities of daily living. You may need assistance after an injury, illness, stroke, or disease.
Long term care insurance can help pay the cost of care for services in your home, in the community, or a nursing home.
Paying for these services could affect your plans and choices in health care if you aren’t properly prepared. If you weren’t able to care for yourself, would it be important to have the flexibility to make choices and control your independence? With proper planning, you may have the ability to receive care in your home, in your community, or the facility of your choice.
In my opinion, serious consideration should be given to long-term care insurance as part of a solid financial plan. This means taking steps to help protect what you’ve worked so hard to accumulate through saving and investing.
Michigan Long Term Care cost and statistics
Anyone, no matter what age, may need these services at some point in life. Consider these statistics regarding the potential need for long term care:
- Forty percent of people receiving long term care services are working-age adults under age 65.
- More than 70 percent of people over the age of 65 may need some form of home health care.
Most Americans are unable to save enough to cover the high cost of long-term care services on their own. According to seniorliving.org, the annual cost of a semi-private nursing home stay in Michigan is about $102,000 and is expected to quadruple by 2030. Insurance can help pay these costs and allows you to maintain control while preserving your choices.
With the possibility of needing long term care and the high costs associated, the next question is, how you will afford it? Will you pay for it yourself? If you have a large estate, you may be able to cover potential costs on your own. However, for most people, long-term care services could quickly devastate income, retirement savings, and other assets.
If long-term care insurance is part of your financial plan, you should purchase an insurance policy to help pay the cost of your care. It can be a cost-effective way to ensure you have choices in your health care.
Finally, Learn how you can start a Michigan Ira for your retirement plan.