Health literacy: how much do you know about long term care?
Health literacy refers to a person’s to access, understand, and apply health-related information in decision-making. And when it comes to planning for long term care, you need to have high level health literacy to make sound judgments regarding your future.
The problem here is this:
Not many individuals have a good understanding of how long term care and healthcare in the United States works. Studies show that 4 out of 10 individuals age 40 and older still believe that Medicare will pay for their long term care costs (which it will not).
It gets even worse:
Out of the 76 million baby boomers living in the country, 35 million still have no retirement savings today. Moreover, 60% believe that their retirement income is enough to cover the necessities, leisure, and travel.
This creates a false sense of security that leaves so many older adults with little to no options to fund their care later on. So how do we improve? How do you, as baby boomers planning for long term care, increase health literacy to secure a stable future?
1. Learn to Identify the Risks of Your Options
We all know this, but it is worth the reminder: knowledge does not come overnight. When you are dealing with an investment as big as long term care insurance, you need to push your health literacy.
Remember that the ability to identify the risks of long term care policies and avoid them effectively can save you a lot of time and money. You need to research a great deal about what features are being offered now and what the other baby boomers are saying about these products. It is a vital skill that only comes from hard work, patience, and the willingness to learn.
2. Find the Right People and Ask Questions
“What is long term care insurance?”
“How does long term care insurance work?”
“How much should I buy?”
These are just some of the questions commonly asked by baby boomers about coverage. Now consider this: with the knowledge you have now, how well can you answer these questions?
Creating a good long term care insurance plan may seems simple at first, but those who know the process can tell you that it is anything but. However, it is not as hopeless at it seems. People in the industry have been working tirelessly to provide the information that you need — you just need to reach out to them.
3. Use the Available Tools within Your Reach
One of the best aspects of the internet is the free information that you would have had to previously pay for years ago.
Take advantage of this.
Nowadays, baby boomers have hundreds of tools selection that can help them improve their health literacy. For example, you can make use of retirement calculators that estimate your retirement income, expenses, and discrepancies for you. Moreover, you can also access free long term care insurance quotes using your smartphones on Sunday afternoon at home.
Everything is within reach — information included. So strive to find the best long term care information that can help you prepare for the future.