Up to 36% of LGBTQ individuals surveyed, stated that they’d prefer to “spend for today rather than prepare for tomorrow“. Given that the costs of long-term care can be quite steep this raises the question, “how do LGBTQ individuals plan to fund these future costs if not by putting away out pocket cash now? A great answer to this question may lie in long-term care insurance.
Long term care insurance offers financial coverage for both medical and assisted living long-term care costs. Most of us will require some form of long-term care at a certain age. What we or our families will find when this time comes is that the cost of this care can be very steep. In most cases a sudden costs of an upwards of an extra $6,000 a year can incur a great deal of stress on your financial portfolio. Unless you have a large portion of flexible cash set aside you may find yourself in a bind when it comes to funding your long-term care.
Long-term care insurance helps ensure you are prepared at an affordable cost to you. Many factors will determine the individual price for your own long-term care premium such as age, health, location, and benefits. You should also not that waiting too long to apply for coverage could result in denial for coverage. It is best to start your search for a long-term care insurance policy sooner rather than later.