Did you know it’s likely that 7 out of 10 Americans will need long-term care in their lifetime? With the average cost of care easily exceeding $50,000 per year, few who need care have the financial resources to pay for it, forcing them to empty their retirement savings or burden their family.
Is this a potential scenario for you and your family? If so, you should explore long-term care insurance.
Long-term care insurance policies reimburse policyholders a daily or monthly amount (up to a pre-selected limit) for services to assist with activities of daily living such as bathing, dressing, or eating. The idea that you may need help with these activities might seem odd, but a severe illness or injury could impact your ability to care for yourself. Are you prepared for this? Planning for such an event is critical, and being prepared provides you and your family peace of mind. You can select various care options and benefits to get your needed services.
The Cost Of Your Long Term Care Policy Is Based On:
- Your age when you buy the policy
- The maximum amount that a policy will pay per day or month
- The maximum number of days or years that a policy will pay
- Any optional benefits you choose, such as benefits that increase with inflation
When considering long-term care insurance, you are dealing with whether you need this coverage and how much is right for you. Take into account the
- resources to afford quality care and
- ability to choose how and where you receive this care.
Determining what financial resources will be available to you and the role long-term care insurance can play in providing quality care is essential. Many policies have limits on how long or how much they will pay. Make sure your choices make sense based on longevity and existing resources.
Whatever policy is right for you, don’t hesitate to explore the best options today!