Betting Against Your Health

Posted on November 17, 2007 @ 9:57 pm

When you are young, unless you have bad genetics or bad habits, chances are that you are healthy.  At this point in your life, you take your health for granted, and don’t really consider that your good health may change some day.

The reality of it all is as we age, our health can deteriorate.  For some of us, it may be simple things, for others, they might need some form of long term care.  In fact, on a blog about long term care they state that the statistics show that after you reach the age of 65, you have a 70% chance of needing some form of long term care in your life.

Now, I have to ask: do you know how much long term care costs?

I really had no idea – until I looked.  From what I have read, you can expect to pay between thirty and eighty thousand dollars a year – and that is in today’s dollars.  The price is only going to go up.  For most people, long term care devastates the nest egg they saved up for retirement, and many pass this financial burden onto their children.

Just like you have an insurance policy on you life (you do have one, right?), you should have one betting against your health.  A long term care insurance policy is just that – in the even you need some long term care, your insurance policy would pay for it, leaving your savings and your family free from the bill.  Catch is you need to buy the policy before you need to use it – so be sure to look into this right away.

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