Mistakes To Avoid When Considering Long Term Care

Thinking about your long term care planning can be overwhelming but there are a few things that might help. Trying to avoid the mistakes many people tend to make will help things feel a lot less complicated!

1. The “it won’t happen to me” or “I still have plenty of time” attitude!

No one wants to believe or expect they may need long term care in the future, no matter how far away. But, the risk of needing care service is a reality and a recent report (2009) issued by the American Association for Long Term Care showed that 70% of the people who reach age 65 will need some type of long term. The only time that’s too late to consider long-term care protection is once you need it. Don’t wait until that time to decide to plan for your future.

2. Believing someone else will pay for your long term care. 

Government programs generally do not pay for long term care, and the ones that do, pay a very limited amount. So, it is YOUR responsibility to plan and protect yourself.

3. Buying long term care insurance from an uneducated agent.

This is a big purchase, so you want someone who knows the ins and outs to guide you through the process. Find someone who is knowledgeable in the field, can shop around to get you the best coverage for the best price, and who can explain everything to you along the way.

This web site may contain concepts that have legal, accounting and tax implications. It is not intended to provide legal, accounting or tax advice. You may wish to consult a competent attorney, tax advisor, or accountant. PLEASE NOTE: If there are links on this page they are provided strictly as a courtesy and the pages referenced are maintained by external sources. There is not a guarantee as to the accuracy of the information contained in the web sites you are linking to.

Copyright © 2009