Page 28 - Growing Old Without a Plan for Long Term Care is not for Sissies_Neat

10 Growing Old Without a Plan for Long Term Care is not for Sissies they really mean is they want to spend that money on something else. So, you have to determine what is important to you and make your decision on Long Term Care Insurance accordingly. Sometimes people can’t afford the premiums for long term care without putting themselves in a serious cash fow problem. Make sure the premiums ft comfortably in your budget, both now and in your projected retirement budget. One last thing on insurance premiums; in over nearly 30 years as an insurance advisor I have heard the phrase “I am insurance poor” more times than I can count. The people making that statement are not really “insurance poor”. In fact, some of them would be poor if it were not for the insurance that paid to rebuild their house or replace their car or provide an income when they were disabled. Insurance helps you reduce your risk. Long Term Care Insurance premiums are a small price to pay when you consider the magni- tude of the risk you are transferring from yourself to the insurance company, usually in the hundreds of thousands. Summary Wow! That’s a lot of questions isn’t it? And in just one chapter, we’ve already answered a bunch of them. We know what long term care is and what some of the options are for both receiving it and paying for it. We now have an idea of how likely we are to need long term care and what it might cost when the time comes we are most likely to need it. But we’ve still left a lot of questions unanswered haven’t we? You know, the tough, personal kind. Don’t sweat it though, keep reading and soon you’ll be well prepared to answer those diffcult questions. You’ll be armed with the knowledge and understanding