Long-Term Care Insurance Reality Presented by Dallas/Ft. Worth Texas Fee-Only Financial Planner/Financial Planning, Steve Blankenship, CFP

Dallas/Ft. Worth financial planner fee-only CFP Steve Blankenship of http://www.HeritageFinancialPlanning.com evaluates the need and creative use of long-term care insurance.

Dallas/Ft. Worth, TX (PRWEB) July 19, 2006 -- Think you’re too young for long-term care, you maybe right. Then again, there may be a place for this coverage in an unexpected place. Many insurance agents claim that a person is never too young to consider long-term care insurance, and while there are some instances where this is the case, odds are that the retirement years have the highest likelihood of requiring this type of insurance.

So if you still have a number of years until retirement you’re not off the hook yet. While coverage for yourself may be a bit premature based on the averages, consider the exposure you have if you have to support your parents in a long-term care situation.

Truth be told, long-term care statistics are frightening. Odds of an individual needing long-term care easily approach 1 in 2. The dollar amounts are staggering as well. In the Dallas/Ft. Worth region, the average daily cost of care is approximately $150 per day and don’t count on Medicare to handle much if any of the bill. That’s over $50,000 per year and the rate of inflation on this type of care is skyrocketing.

A growing number of baby boomers are facing the reality of retirement just around the corner and just about the time their kids are out of college, the cost of providing healthcare for their living parents is kicking in. In fact, paying the healthcare costs of parents is one of the greatest threats to the financial independence and retirement plans for their children.

Whether a person likes insurance or not, with the cost of care increasing at such an alarming rate, eventually most of us are going to have to purchase long-term care insurance. For those that are in the peak years of their retirement savings, there should also be the consideration of purchasing long-term care insurance for their elderly parents.

If your parents qualify for coverage, paying for their long-term care insurance may be one of the best investments you can make.

http://www.HeritageFinancialPlanning.com

###