Regardless of your age or current health, you should not overlook your potential need for long term care. There could come a point in the future when you’re no longer able to care for yourself. And should that time come, it’s critical that you understand your options for receiving care and the associated cost.
Long term care insurance is exactly what it sounds like. It’s designed to pay for long term care, such as in a nursing home or assisted living facility.
If you are considering long term care insurance, ask yourself these questions:
- What is the average cost of long term care in your area?
- How do your available assets compare to the cost of long term care?
- If you do not invest in long term care, do you have other means to pay for it should you need it in the future? If so, have you identified those means?
- How much can you afford to spend on long term care insurance given your current budget?
- How important is it that you leave assets for your family and loved ones to inherit?
Here are several reasons why you should at least consider the purchase of a long term care insurance policy:
- To protect personal assets: The cost of long term care can quickly deplete your assets. Without long term care insurance — or another way to pay for care — your personal assets, such as your home, could be at risk.
- Peace of mind: You don’t want the stress of wondering if your need for long term care could impact your financial situation and seriously diminish your assets. Once you have a policy in place, you’ll feel better about your ability to manage this potential expense.
- Medicare isn’t the answer: While Medicaid will pay for long term care, the same doesn’t hold true of Medicare. It’s a myth that Medicare covers long term care needs.
If you are unable to obtain a policy due to health or cost, there may be other planning tools available to you. These are strategies that we regularly deploy for our clients.
If you’re ready to examine your long term care plan, contact us for professional guidance. While we don’t sell any insurance products, we can help you find solutions.
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