Long-Term Care Insurance – Don’t Stay Home Without It!


Obviously, that title is an overstatement, as some families have the resources to self-fund home care – and the willingness to spend money to get the care they need to be able to safely live at home, when the time comes.

For the rest of us, building Long-Term Care Insurance (LTCI) premiums into our budgets — and getting qualified while we’re still healthy enough — is something to very seriously consider.  That last point is an important one.  Siew Pheng and I recently applied for LTCI.  She got it.  I did not, because of my Diabetes.  Even though it is well controlled, the insurance company said, “No thanks,” when it came to covering me.  I should have bought it five or six years ago.

Even for clients who can afford to self-fund home care, we at Support For Home have seen many instances where they are reluctant to do so.  They know they need care, but the idea of spending money on themselves (or having their families do so) just goes against the grain of a life time of independence and self-reliance.  If they have already paid for LTCI, the clients are much more likely to get the care they need, as they feel they have already paid for it, through premiums — and they are right.

So, the bottom line is, if you can self-fund your future long-term care needs, great, but create a special account that you build up over time to provide that funding.  Set the money aside, invest it and let it grow.  If you cannot reasonably expect to self-fund, explore Long-Term Care Insurance, early, and do some research as to what real costs are going to be, when you will need home care.  Get enough coverage.  Get peace of mind for the future.  I wish I had!
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