Why Long Term Care Insurance?
Long-term care insurance is designed to pay for you to receive professional care so that your family can spend time with you instead of taking care of you.
Long-term care insurance is meant to protect the assets that you spent your life accumulating. That money is for maintaining the lifestyle that you and your family have become comfortable with during your retirement years.
Its meant to keep you independent at home for as long as possible where you are most comfortable. Would you rather get your care at home or in a nursing home?
Care in a facility is expensive. Full-time long-term care assistance can approach $6,000 – $10,000 per month, and possible more if medical care is required.
Genworth compiles cost of care statistics annually. You can enter your zip code on their website here to see local costs.
Your Health Buys It
Long-term care insurance companies are agreeing to potentially payout very large sums of money for your care so that your nest egg does what it is supposed to do, provide a retirement income.
Its for that reason that you must be healthy enough to qualify for coverage when you purchase. Think about it like car insurance, if you just had a car accident and totaled your vehicle then its too late, you won't be able to buy car insurance to cover that accident. The damage has been done.
The same is true for Long-term care insurance. Once you cross the line of insurability, the chances of you finding coverage are very slim.
But What if I Never Use It?
Then it works just like your car and home insurance. You don't buy car insurance because you think you're going to have lots of accidents. You don't buy homeowners insurance because you're expecting a fire.
You buy coverage because of the catastrophic impact of the burden on your family.
But its Too Expensive
Maybe, maybe not.
Have you worked with a professional to make sure things happen the way you want them to?
When was the last time you looked into the latest Hybrid style strategies? The idea is to design a strategy that fits your budget, even when you're on a fixed income.
At Rooted, we've experienced family members who needed, and who still need ongoing care. We understand by experience.
Long-term care insurance isn't the answer for everyone but everyone should have some kind of plan in mind for extended care. Without a plan, the consequences to your family can be devastating and permanent.
Doesn't it make sense to have a conversation to learn your options?