Planning For Your Future
If you want your future to be in your control you need a plan.
Planning takes the guesswork out of action when a planned situation arises. That is the reason for fire drills and theater rehearsals. People know what to do when the time comes.
AWARENESS
Long term care is not an easy subject to talk about. Many people tend to think they'll never need long term care. People are living longer due to advances in health care and life-style changes. The longer they live, the more likely they will experience a need for care. An accident, illness, or disability may strike at anytime. If unprepared, the physical, emotional, and financial consequences can be severe to the person and his/her family.
FAMILY
Long term care is not just an individual concern, it is a family concern. Many people want to, and do, receive care at home. Care-giving demonstrates love and commitment that may be a rewarding personal experience. On the other hand, exhaustion, worry, inadequate resources, and continuous care demands may be extremely stressful on the caregiver.
OPTIONS
Common options believed to address long term care needs are to:
• Rely on family to provide the care.
• Rely on government programs.
• Spend personal assets.
• Transfer some of the risk to an insurance company.
GOVERNMENT
Some people think that government programs may take care of everything. In reality, government programs may not cover many options or environments for quality care. Moreover, eligibility for help through government programs may be restrictive and become even more difficult. In contrast, long term care insurance may cover the types of care that you, or someone you love, may want.
INSURANCE
Long term care may be among the most expensive care a person may ever need. It represents a significant threat to ones estate and retirement planning. Disability insurance may replace a portion of ones income when he/she is unable to work due to injury or illness – but it does not pay for the cost of care. Health insurance covers skilled care – not chronic, custodial, or long term care. Long term care insurance may not only provide benefits to pay for covered long term care costs, but it may also help protect assets in ones retirement plans and help family members to provide care longer and better.
PLANNING
Planning for how to pay for potential long term care costs is a necessity. As is the case with life insurance, the sooner you investigate long term care insurance as a part of your plan, the more likely you will be able to qualify based on your health. And, generally the younger you are when you apply the more affordable your premiums may be.
The issue of funding the cost of long term care is at the forefront for states and the Federal Government. Tax advantages may be available for plans that qualify. Planning for long term care is a complex issue.
While long term care insurance is not the right solution for everyone; it may be the right one for you. When exploring your options, it’s important to work with an individual who specializes in long term care.
Our certified long term care specialists are here to help you through the process of deciding which plan is best for you; self-insure, state aid, transfer the risk to an insurance company. If your choices seem limited now wait until your health changes, you'll have even fewer choices. Call or email us today to start you on the path to having your long term care plan.
Also:
Your Million Dollar Problem - Either you are ready to solve the problem or you’re not
Top 7 LTC Questions - (Almost) all you need to know about LTC.
Downloadable Long Term Care Insurance Guide (pdf)
