Do I Really Need Long Term Care Insurance

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                                             Do I Really Need Long Term Care Insurance?
                                                                By Ozeme J Bonnette

  ? The Center for Retirement Research recently reported that 64% of pre-retirees will be at risk of not
having enough money saved to maintain their current lifestyles. That means that 2 in 3 retirees will
have to reduce their standard of living in retirement.

If no major medical issues arise, it may not be so bad. But we are living longer, and with that comes
an increased chance of needing some sort of long term care. Unfortunately, most couples are not
financially prepared for paying that type of expense out of pocket. Here are four reasons to consider
buying long term care insurance:

It is easier to buy it when you are young

It may be hard to try to justify the expenses when we are in our 40s and 50s and nothing is wrong. But
we must think about the fact that we may not be able to buy it if we wait too long.

Our health is better when we are younger. According to the American Association for Long Term Care
Insurance, about 70% of applicants ages 45 to 54 are accepted. However, acceptance drops to less
than 40% for applicants between the ages of 65 and 74.

There is also a big jump in the cost as we get older. The annual cost of a policy for a 65 year old is
double that of the cost for a 55 year old.

You never know if you will actually need it

We all think we will be healthy and never find ourselves in a long term care facility. But how realistic is
that? Studies show that almost half of us will need some form of long term care during our lives.

Those odds are much greater than the chances of being in a car accident or losing our home in a fire.
Yet, most of us have car insurance and a homeowner's policy.

A stroke can trigger long term care benefits. According to the American Stroke Association, a stroke is
a leading cause of serious, long term disability. About one-third of stroke victims are permanently

What is more startling is that almost one third of stroke victims are under the age of 65. That means
that this group of individuals was not able to finish funding their retirement accounts before they were
taken out of the workforce.

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Your family may not be able to help

The average cost of long term care is about $75,000 per year. Statistics show that one in five of us will
need care for at least one year. About 3% of us will need care for more than five years.

The American Association for Long Term Care Insurance was found that the average Alzheimer's
patient needs care for eight years.

Even if you bought a policy that costs $100 per month, your total lifetime out-of-pocket expense for the
policy is less than the cost for one year of long term care. Which financial risk would you rather take?

Let's also consider this from a physical care standpoint. Many of us assume that our family members
will take care of us when the need arises. However, can we really expect our spouse or children to
give up their careers and sacrifice time with their families to take care of us full time?

Will our spouses even outlive us, let alone be physically capable of caring for us? Would they be able
to lift us, if necessary, to move us or to bathe us?

Will our children relocate themselves and their families to be available to us full time? What impact
would that have on them financially?

What about government assistance?

Medicare will not pay for long term care. Certain types of health care may be covered, if you qualify,
but long term care would still be necessary to help with basic supportive services for activities of daily
living, such as dressing and bathing.

There are resources available through Medicaid, but you will need to be able to qualify. This means
you have low income and few assets. You may also be limited to selecting from a few providers.

Long term care insurance is designed to ensure that you are able to have access to adequate
assistance during years where you are less able to care for yourself. When considering the options, it
may be a small price to pay to have more control over your care in those most critical times.

Ozeme J. Bonnette is a financial coach, speaker, and the author of Get What Belongs to You: A
Christian Guide to Managing Your Finances.  She began her career at Merrill Lynch, and now
works to increase financial literacy.  She teaches and speaks to groups and organizations
throughout the U.S.  She earned 3 Bachelor's degrees at Fresno State and an MBA at UCLA's
Anderson School. Find her online at .

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                  How To Find The Best Rates On Long Term Care Insurance In Tennessee
                                                            By Angela Farnsworth

Get affordable quotes for long term care insurance in Tennessee when you're young.

You can usually find the best rates on long term care insurance in Tennessee when you're young. The
old general way of thinking applies: The younger you are, the less risky you are to insure.

You can find the best rates on long term care insurance in Tennessee if you prepare yourself for a

Regardless of when you purchase your policy, you're more likely to get cheap long term care insurance
in Tennessee if you're able to endure a waiting period. This "waiting period" refers to the time you
spend waiting on the long term care coverage to kick in when you need it. For example, it's fairly
common to purchase a Tennessee long term care insurance policy with a 30-day waiting period;
however, if you increase those 30 days, you can cut a significant percentage off your policy premiums.
Remember, if you choose this option, you should always have a nest egg set aside to pay for the long
term care costs you acquire while you're waiting for the policy to take effect.

In the end, cheap long term care insurance in Tennessee comes from the longest lasting companies.

It's true that the insurance industry is heavily-regulated, and as a result it's uncommon for insurance
companies to go bankrupt. However, another way to secure affordable quotes for long term care
insurance in Tennessee is to purchase your policy from a company that is financially stable, i.e. one
that has been around for quite a while. These insurance companies have been around the block a time
or two, and are usually more willing to offer discounts than newer insurance companies. At the same
time, you're protecting your financial future. It may be many years before you need to use your
Tennessee long term care insurance policy. You want a company that will still be around, right?

Recommended sites for low rate insurance Best Rates on Long
Term Care Insurance Quotes in Tennessee Instant Long Term Care
Health Insurance Qutoes

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