Emotions Drive Some Americans to Purchase Unrewarding Long-Term Care Insurance Policies
PUBLISHED BY: LFN Primary
Virginia Beach, VA (Law Firm Newswire) January 2, 2015 – Emotions can play a substantial role in making decisions about long-term care. Planning after seeing a loved one decline in health may drive some people to seek long-term care insurance, but they should also consider their finances rationally.
“Planning for long-term care means accepting that your health may decline to the point that you can no longer care for yourself,” said Andrew H. Hook, a Virginia elder law attorney with Hook Law Center.
Often, people avoid thinking about long-term care because they would like to believe that they will never need it. Seeing a loved one decline can bring that reality home, and many people decide to purchase long-term care insurance after seeing a family member lose his or her health and require long-term care. These people may feel a strong motivation to avoid staying in a nursing home, and they seek coverage that will allow them to stay at home as long as possible.
Although emotion can be a powerful motivator to purchase long-term care insurance, individuals should also take the financial implications of the decision into account. Sometimes, long-term care insurance can represent high costs over time for little benefit.
Fewer policies than ever protect against inflation, meaning that the policy may not cover enough expenses when the time comes to use it. In addition, as the need for long-term care rises, the cost of long-term care insurance is also rising dramatically — on average, premiums this year are 20 percent higher than they were last year.
Long-term care insurance can be a prudent purchase in many cases, providing control and security in the face of an uncertain future. However, it is important that individuals consult with an attorney and carefully consider the impact on their finances before purchasing a policy