What’s your plan for long term care? If you’re not thinking about this, you may want to take a moment – and start. Nearly 70% of those 65 and older will need long term care services at some point in time, and neither Medicare nor health insurance will pay for this kind of care. Medicaid may, but only after you’ve spent down your own assets. For most people, this is the option of last resort.
That’s why many people are turning to affordable, effective insurance options to protect themselves against a long term care expense. A well-designed long term care plan can help you to:
Stay in your own home longer. Did you know that only 30% of all LTC insurance claims are for nursing homes? The vast majority, 51% – are for home care. The main reason you should plan for LTC is so you can stay out of the nursing home as long as possible.
Remain in control of care decisions. If you’re writing the checks, you’re calling the shots!
Protect your assets. You worked your entire life to get ready for retirement, and to pass what you can along to your spouse and family. Keep as much as you can.
Reduce the burden on your family. The vast majority of LTC is provided informally, by unpaid family members. This is an opportunity to shift that role to a professional care giver.
Today, there are several different types of plans available – traditional long term care insurance, life & long term care hybrid plans that will pay a death benefit or long term care benefit, long term care annuities, and even short term care plans. With so many options, we can tailor a plan to fit practically any family’s needs and budget. And remember, the younger and healthier you are, the less this costs, and the more options you have.
You owe it to yourself and your family to learn as much as you can. We’ll help you understand the risks you face, and explain the various solutions that are available. Once you know what you’re up against, and how you can protect yourself, then you can make an informed decision.