Long-Term Care Planning

Within a financial plan, there is one key risk management tool that is often misunderstood, overlooked, or dismissed, but can be the most crucial in retirement – Long-Term Care (LTC) Insurance. Buying long-term care insurance is one way to prepare.

Long-term care refers to a host of services that aren’t covered by regular health insurance. This includes assistance with routine daily activities, like bathing, dressing or getting in and out of bed. It might be hard to imagine now but chances are you’ll need some help taking care of yourself later in life.

The big question is: How will you pay for it?

Waiting until you need coverage is not an option. You won’t qualify for long-term care insurance if you already have a debilitating condition. Most people with long-term care insurance buy it in their mid-50’s to mid-60’s.

Before you shop for coverage, it is important to learn more about the following topics. We can help you with that.

Before You Shop for Coverage

The Need for Long-Term Care Insurance

As we age, our bodies start declining and our abilities to take care of ourselves and our homes may be compromised. This is when long-term care services may be needed.

Know the Cost of Care in Facilities In Your Area

There are a variety of different kinds of long-term care policies these days. Expense incurred policies reimburse policy holders for long-term care expenses up to the maximum benefit amount.

Different Types of Long-Term Care Insurance

Long-term care costs vary depending on where you live and the type of care you need. It is important to research some of the care facilities in your area to see what the current costs are for the current year.

Ways to Fit Long-Term Care in Your Budget

It is very easy to get sticker shock and frightened when it comes to long-term care costs and the possibility that you may require long-term care. Meeting with a long-term care specialist is so important to help explain all this intimidating information.