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Click on the video below to learn more about the importance of Long Term Care Planning.
Long-term care can certainly be an emotionally charged topic. Let’s face it, nobody wants to think about themselves or their loved ones aging and becoming incapable of living on their own. But if you have an interest in making a smart financial decision to protect your savings, long-term care insurance is a MUST.
What Exactly Is Long-Term Care?
As people get older or get sick, they sometimes need help with Activities of Daily Living (ADLs) such as getting dressed, bathing and more. Long-term care provides people with those services—but it comes with a price as it is expensive. According to the Alzheimer’s Association, the estimated cost for end-of-life care in 2016 ranged between $217,820 and $341,651. Most health and disability insurances WILL NOT cover long-term care, but long-term care insurance WILL.
What Does Long-Term Care Insurance Cover?
Nursing home care
Assisted living facilities
Adult day care services
In-home care
Home modification
Care coordination
Why You Need Long-Term Care Insurance?
Did you know that 52% of people turning 65 today will need long-term care at some point? Purchasing long-term care insurance can help you have peace of mind. You’ll know that if you become ill, you can afford the care you need and still have enough money for you and your spouse to live. Plus, your children won’t have the huge burden of paying for your care.
What about government programs?
They can help, right? Please don’t make the mistake of believing that Medicare will cover long-term care costs. Simply stated… it doesn’t. And while Medicaid—the federal program designed specifically for people who truly don’t have any money—will cover long-term care expenses, it shouldn’t be considered as your first option. Physicians all over the nation are reducing the number of Medicaid patients they accept each year, making access to healthcare even more challenging for recipients of Medicaid than those with private insurance.
Let’s Get Started!
As with any type of insurance, you buy LTC coverage with the expectation that you’ll never have to use it. But if you do have to use it, the nursing home costs covered by the policy over just one year will be greater than the sum of all the premiums you ever paid. So, if you’ve been considering Long Term Care insurance, do yourself a favor – schedule a review and let’s start that conversation.
Cameron A. Michels
Insurance Advisor / Planner
PLANWELL Wealth Solutions
706.604.7526
[email protected]