If you are approaching retirement and want to avoid placing the burden of your care on your family, long-term care insurance is a good solution for you. Although your family would be likely to lend a hand in taking care of you, long-term care insurance prevents placing physical, emotional, and financial consequences on your family as caregivers. Or, if your parents are on a fixed income with limited access to quality long-term care, you can purchase this benefit for them for peace of mind they will receive all the necessary care without you being financially responsible. This is especially important because the Government does not provide coverage for services such as in-home nursing or assisted living.
Long-term care insurance provides a benefit that helps pay for care services in-home, in a retirement home, in assisted-living, or in a long-term care facility. Plus, you get to decide how long you or your parents will receive the benefit based on the plan you choose (most have an unlimited benefit period, but some have a limited lifetime maximum amount), and once the benefit starts being paid out, you stop paying the insurance premiums. You can also choose the type of long-term care insurance plan you desire based on your needs. One option is the reimbursement-style plan; this is a plan of care designed around frequency of eligible services (hours per day, days per week, etc.), and you are reimbursed for the cost of these services up to a specified maximum. The other option is an income-style plan; this plan pays out a regular income that can be used for any purpose, medical or otherwise.
We can discuss with you which plan best suits you or your parents’ needs. We can help you be financially prepared for your future health care needs through discussing the best long-term care insurance options available to you.