Protecting Your Assets for When You Need Them Most

Long-term care is a subject that many people avoid. No one wants to think about a time when they or a loved one will be unable to care for themselves, but the unfortunate reality is that more than half of retirees will require long-term care at some point. Preparing for this possibility today will protect your estate and significantly reduce the financial burden on your family should it be necessary.

What Is Long-Term Care?

When many people think of long-term care, nursing homes are the first place that come to mind. While this is correct, long-term care can include a variety of assisted living facilities, in-home hospice, and custodial care for the elderly, but also those suffering from a prolonged illness or injury. The cost of long-term care is high and can be detrimental to the wealth of many families faced with this difficult situation.

How Long-Term Care Insurance Helps

Long-term care insurance is purchased while the policyholder is of sound mind and body, expressly to protect their assets, and their loved ones, against the high cost of long-term care. Government insurance programs, like Medicare and Medicaid, can provide some relief, but the coverage is minimal and has many restrictions for its use. There is a common misconception that general health insurance policies cover long-term care, but this is largely untrue. Many different types of policies are available for long-term care insurance dependent on the amount and duration of the coverage provided.

Why You Should Buy Long-Term Care Insurance

Long-term care insurance is not intended only for the elderly and those that anticipate poor health in their later years. Many of those receiving long-term care today are the victims of strokes, traumatic brain injuries, mental conditions, and accidents. While you may be in good health today, it is impossible to know what tomorrow may bring. Long-term care insurance will safeguard your wealth while providing the care you need, and your loved ones the freedom to focus on you, not your medical bills.

These policies have exclusions and/or limitations. The cost and availability of Long Term Care insurance depend on factors such as age, health, and the type and amount of insurance purchased. As with most financial decisions, there are expenses associated with the purchase of Long Term Care insurance. Guarantees are based on the claims paying ability of the insurance company.