It’s human nature for many people to react – I won’t need long term care services. In this discussion a year or so ago many may have commented – If I do need a little help I’ll just pay for it myself.
Times they are a changing thus there are a couple things to keep in mind today:
+ The cost of long term care services here in Connecticut continues to increases. More details on costs in Connecticut are on this page.
+ The rainy day fund many people put away in some type of investment is now significantly less because of the current economic situation.
Thus, service costs continue to go up and funds, that could pay for some services, have gone down.
Consequently, Long Term Care insurance is now even more effective as the best way to prepare for the big risk of having a Life Happens situation and a resulting need for on going assistance. Paying pennies on the dollar to buy protection for your family and yourself from this big exposure is a smart move.