When you think about your insurance, we think about life, disability, critical illness, car and home but not many people put any thought to Long-Term Care insurance. Before deciding if this coverage is right for you, it is important to understand what the coverage is all about.
If you are over the age of 50, I am sure you have started to put a lot of thought into your retirement years. You probably are asking yourself questions like “Will we have enough money in retirement?” “Will we be able to do the things we want to do?” All very important questions to be asking and preparing for. However one question that many people don’t include in their retirement planning is the chance that you have medical issues in retirement. Which brings up the question of if you need medical care, how will you pay for the costs?
Unfortunately as we age our health tends to deteriorate. Some people are fortunate enough to live into their golden years with very minimal health issues. However for a large portion of the population who are not as lucky, there are many medical issues that tend to affect us in our retirement years. Dealing with these issues is one thing, but having to pay for the care that you need is another. Where are these additional funds going to come from? Are willing to take out of your retirement savings? Or depend on your family to cover those additional expenses? In both scenarios this is something that none of us want to deal with.
That is Long-Term Care insurance was created. The purpose of this coverage is to pay you a benefit in the event that you need long-term care either in a facility or at home. The options available do vary so make sure that you understand the coverage you are purchasing. Some of the coverage available pay you a weekly benefit where others cover the costs of the assistance being provided. Services may include:
- Nursing Care
- Rehabilitation and therapy
- Personal Care
- Homemaking services
- Having another person there to watch over you and help you when and where you need it
You might be asking yourself, when should I consider getting coverage?
- When you are planning for retirement and want to protect your assets or estate
- You want to stay in control and not rely on the government or others for care
- You want the ability to choose the type and level of care you want
- You’re expected to be a caregiver for your spouse or parents and would like to have the financial freedom to care for them. You can insure them and protect yourself
The key to Long-Term Insurance is purchasing it while you are still healthy. As the underwriting is pretty stringent and if you have any ailments it could hinder you on purchasing the coverage. If you are looking to see what options are available, we at Empirical would be happy to show you some quotes and plans available.
Don’t leave it in the hands of the Government on what kind of care is provided. Take your destiny in your own hands and get coverage to help you out when you most need it.