Why you don’t need long-term care insurance
January 23, 2012
by Brian Wolf

Have you ever wondered why you can’t make it through a single day without someone trying to sell you something? Every day, we are bombarded with the mantra that we have to have this or that.

Of course, to a certain extent we ask for this, after all, we are a very needy society. We need food, clothing, and shelter. And, when I say food, I mean eating out or buying more food than it takes to sustain us. As for clothing and shelter, we certainly buy more than we need there, as well.

We do this because we have been trained to believe that our self image is somehow linked to what we have or own, but for the most part, this has little to do with someone’s quality of life.

Of course, having stuff can certainly change your life (for better or worse), but the real quality of life will come from your head and your heart, not your wallet. I believe that few people ever truly understand this and achieve true happiness.

So, what does this have to do with not needing long-term care insurance?

Well, let’s be truthful, you don’t think you’ll ever need it; it’s all the other people that will need it. So you don’t need to buy it. But, you already know this, because it’s what you want to believe.

It’s always an easy sell to convince someone of something they already want to believe in. Besides, long-term care insurance must be incredibly expensive, so why buy it if you’ll never use it.

Think of all the money you will save in your lifetime if you never buy it. OK, case closed, next subject.

Oh, by the way, you should also stop paying on your homeowner’s policy, because your house certainly won’t burn down. We all know that life insurance is another rip off, and for Pete’s sake, don’t have a disability policy or car insurance. Sickness, death, accidents, and mishaps are what happen to other people.

Yes, I know people who don’t have a good plan can suffer greatly and lead a miserable life in their not-so-golden years. But, remember, you do have a plan, and it’s a great plan. Your plan is that nothing bad will ever happen to you or your spouse. Which, by the way, is the best plan ever.

OK, now that we’re clear on this, share your plan with your spouse and adult children. Don’t forget to give them my phone number, because I want to be sure and take their calls. They may not think your plan is such a good plan after all. They may be thinking about how much their lives could change because of your plan.

Investing in a long-term care policy allows people to protect their loved ones from the economic woes related to care-giving.

Children of aging parents without long-term care plans often face financial risks, with negative inheritance being one of the largest.

Negative inheritance occurs when adult children are forced to dig into their own pockets for health and long-term care expenses for aging relatives who don’t pay for care on their own.

Fortunately, long-term care insurance can guard against the threat of negative inheritance.

Even if children need to help cover premium costs, the expense will likely be much smaller than paying the full price of a nursing home room or a home health aide, as these services can cost an average of $75,000 a year.

It’s important to keep in mind that you don’t really need long-term care insurance, because this is America, and in America we will take care of everyone. Of course, we will impoverish your spouse and then take care of you by way of some governmental program that you may or may not like, but at least you won’t be living under a bridge.

Today, there are 100 really good reasons why you should protect yourself, whether you are rich or have modest means.

Of all the sales pitches you will disregard today, this is probably the one that will cost you the most. I’m not talking about the cost to purchase; I’m talking about the cost to have not purchased.

Today, there are many ways to get wonderful policies with long-term coverage. Some carry very low costs and some give you coverage that if you don’t use it, you don’t have to pay for it.

Last year alone, more than 500,000 people applied for long-term care insurance, and that’s a very good thing, because after all they (not you) are the ones that will need it.

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