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Be Prepared for the Expected with Long Term Care Insurance


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 of those who need care have the financial resources at hand 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 to you right now but a serious illness or injury could impact your ability to take care of yourself. Are you prepared for this? Planning for such an event is critical. Being prepared provides you and your family with peace of mind. You can select a range of care options and benefits that allow you to get the services you need.

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 per 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 not only are you dealing with the question of do you need this coverage, but 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.

It’s important to determine what financial resources will be available to you and the role long term care insurance can play in providing you with quality care. Many policies have limits on how long or how much they will pay. Make sure your choices make sense to you based on factors like longevity and existing resources.

Whatever policy is right for you don’t hesitate, explore the options that best for you today!