Syndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale Arizona
Many seniors are under the impression that long term care is not affordable, even though most seniors believe that they will need, at minimum, assisted living at home. With human longevity rewriting retirement modeling, long term care insurance is a must for practical defensive planning in your golden years.
As with any insurance, people don't buy Long Term Care Insurance because of cost, because they don't know if they will use it, if because they assume someone else or the government will take care of it, because they are too busy to think about and apply for it, because they don't understand it, because they don't trust it or the people who sell it, because it is unpleasant to consider.
When people need that type of care, most of those reasons seem insignificant, in retrospect.
Agent Owner, Gilmore Insurance Services, Marysville, Washington State
Why don't more people don't buy long term care insurance? Well mainly the reason is they don't see a need because they haven't really thought about it. Speaking plainly people either "get" long term care or they don't. I can't talk someone into purchasing coverage, but usually people come to me seeking long term care. Usually it is because they recently had a family member in a care situation and they simply don't want that to happen to them. So it is a matter of putting together a plan that is affordable and covers the needs they want.
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When people need that type of care, most of those reasons seem insignificant, in retrospect.