Long-Term Care is the kind of care people need when they are no longer able to handle day-to-day tasks like dressing or bathing without assistance, as a result of an accident, illness, cognitive impairment or simply because of the frailty of aging. Unfortunately, this type of care is expensive and costs continue to rise. Today, many Americans are depending heavily on family members to provide care, or paying out-of-pocket to take care of themselves and loved ones. Many people mistakenly believe that long-term-care services are already covered. However, this type of assistance is not typically paid for by health or disability insurance. In addition, government programs are not designed to cover the cost of long-term-care for most people.
Long-Term Care insurance is a cost -effective way for many people to cover the risk of needing long-term care. Those who have purchased Long-Term Care Insurance share that it has also helped them maintain their independence and freedom of choice over how and where their care services are provided. Long-Term Care Insurance can allow you to protect your assets and help ensure that your long-term care needs will not create a physical or financial burden on your family. Today’s Long-Term Care insurance policies are no longer considered “nursing home insurance, rather it is seen more as “stay out of nursing home insurance.” Perhaps the greatest benefit of Long-Term Care insurance is it allows your loved ones to care ABOUT YOU… instead of having to care FOR YOU.
The Impact of Long-Term Care
Most people envision themselves living a long life, investing and planning throughout their working years to create a financially secure future where they can enjoy spending time doing the things they enjoy the most. As part of your financial planning process, it’s important to understand the potential impact that needing long-term care may have on your assets, your family and your future.
The reality is, the longer you live, the greater the likelihood that you may require long-term care. The costs associated with needing long-term care are significant. While it can take decades to accumulate the assets you’ll need to retire comfortably, just a few years of paying for long-term care may threaten a lifetime of savings.
If you’ve ever been in a care-giving situation, you understand the physical and emotional toll it can take. While providing care to loved ones is an act of compassion, placing these burdens on spouses, children, and other family members can create a significant emotional and physical strain and is something that many people would like to avoid.
Waiting to address your long-term care needs — until the point at which you actually need care— may significantly impact your financial situation, your quality of life and your ability to maintain your independence. Incorporating long-term care (LTC) insurance into your financial plan today can help protect your assets, reduce the burden of care that would otherwise fall on family members, and enable you to receive care in the setting you most prefer, including you home. Perhaps the greatest benefit: Long-term care insurance can allow loved ones to care ABOUT YOU…..instead of having to care FOR YOU.