It’s easy to assume that a person with an insurance policy is better off than somebody without. Well, that sounds like common sense, but what about a person who carries an automobile insurance policy but hasn’t taken their car out on the roads in over six years?
Is there any purpose to having this policy? Yes, so long as they have that car registered they’re required by law to have automobile insurance. But what’s the point? If they aren’t taking the car out, nobody’s driving it, then that seems like an awful waste of money in registration fees and insurance every year.
While that may seem like a ridiculous example, consider long-term care insurance. If somebody pays into long-term care insurance for 15 years, for example, recognizes the inherent value it offers in protecting financial assets in the future, but has no desire to actually rely on long-term care when the time comes, what’s the point?
Some people flat out refuse outside care.
They might do this for any number of reasons, but it usually boils down to two: a fear of losing independence and autonomy, and misconceptions.
In short, when a person in their 70’s, for example, is struggling with physical challenges, health issues, or other factors, it might be obvious to his spouse, adult children, friends, and others he would benefit from a home care aide. But, he has certain preconceived notions about home care and assumes he might be abused, neglected, or mistreated in some other way.
He may be distrustful, assuming every home care provider is simply going to steal from him, swipe his checkbook and write checks out to themselves and cash them, or steal jewelry or other items because they assume he can’t keep track of his own possessions.
There are plenty reasons why people refuse different types of care, and it mostly boils down to impartial, inadequate, or completely false information.
So, if the senior understands the inherent value in having long-term care insurance as a protection for their future assets, but ultimately refuses it time and time again when they could finally benefit from it, that will make a long-term care insurance policy pointless.
Make sure you fully understand the value in different types of long-term care and what the policy covers.
Whether it’s home care, assisted living, or even nursing home care, make sure they have a clear understanding about what these benefits offer. Also make sure that if they require some type of long-term care in the future they’re willing to rely on it.