In 2015, the Pension Research Council conducted research to learn why so many people do not buy long-term care insurance, even though the possibility of moving to a nursing home one day is relatively high and doing so is costly. About 70 percent of people eventually need long-term care, but the majority won’t be carrying the insurance. It’s time for individuals reaching their senior years to seriously consider buying insurance for Long Term Care in Macon GA to protect their assets from being rapidly depleted.
People may assume they’ll be eligible for government assistance if they ever need to live in a skilled nursing center. However, before that can happen, they will wind up liquidating their bank accounts, investments and real estate. That means no extra money to spend on activities they may still enjoy, and it also means no inheritance for their children.
Many consumers avoid buying insurance for Long Term Care in Macon GA and elsewhere because it is not cheap. That’s because the risk of needing nursing care one day is so high compared with risks in other types of coverage. In addition, fees for residing in a nursing home are not cheap, and a person may live there for many years. Yet it can be difficult psychologically for someone to try to fit this coverage into their budget. That may be especially true by the time a person is receiving Social Security retirement benefits and is living on a fixed income.
The coverage options are very complex, and the insurance isn’t required by law the way that liability insurance on a vehicle is. In addition, many consumers seem to view this type of insurance as an investment in the future instead of protection against financial disaster. They more readily understand the need for insurance to protect assets they own now, such as their house, compared with insurance that is intended to pay fees for a possible living situation in the future.
Someone who feels conflicted about long-term care insurance might contact an agency such as Stone Insurance & Benefits. This type of independent agency can provide quotes from several carriers and will put forth the effort to match this individual with a policy that’s affordable yet adequate. Visit Here for more information.
