Long-Term Care Insurance
Long-term care insurance can assist in paying for needed medical care, both in-home and in specialized care facilities. There are various types of policies with different features, benefits and coverage options, such as traditional long-term care insurance (LTCI), life insurance with long-term care payout riders, and asset-based long-term care.
The conversation regarding whether to purchase long-term care may be uncomfortable, but it is important that you have a plan. As a point of reference: In 2015 the average annual cost for a private room in a full-time skilled nursing care facility was $91,250. Government programs provide limited assistance: Medicare only pays for acute care associated with a short-term illness or injury. Medicaid, the program designed to pay for long-term care, is available only to low-income participants who meet eligibility requirements for necessary care.
Long-term care insurance planning may provide you with the peace of mind of knowing that you are protecting your family’s assets, relieving your family of decision making burdens, and the reassurance that proper care can be provided in difficult times.
SOUND Wealth Management Group can conduct the required analysis to assist you and your family in making an informed long-term care decision.