If you’ve ever seen your mother or father save their whole life to pay for long-term care in their later years, you understand the value of Long Term Care insurance (LTC).
Long-term care insurance plans were created to give you control by assisting in the protection of your properties and ensuring that you receive quality care in the environment of your choice when you need it most.
You’ve put in a lot of effort and have a wonderful life to show for it, and you’ve set aside money for your retirement. However, life can throw you a curveball and cause an accident or illness that makes it difficult for you to care for yourself.
Who will take care of you and how would you pay for that care if you were paralyzed for an extended period of time? Wouldn’t it be nice to know that you would with long-term care insurance?
Long-term care policy allows you to receive the high-quality care you need in the environment of your choosing, protect your freedom, and relieve your family of financial and caregiving responsibilities.
Most people are unaware that after the age of 65, there is a 70% risk that you will need long-term care, which can be costly. A home health aide costs about 15-20 dollars per hour, which is equivalent to hiring a full-time employee at $40,000 per year, and a private nursing home will cost between $60,000 and $80,000 a year.
Unfortunately, many people believe that their health insurance would cover it, but this is generally not the case.
Just the doctor’s and hospital costs are covered by health insurance. Only short-term skilled nursing home care is covered by Medicare, and Medicaid only pays for your care.
If your assets are small, you’ll most likely have to pay for treatment out of your savings or retirement fund, which can quickly deplete your savings. Stop this by purchasing long-term care insurance. Which will help you protect your retirement savings if you don’t wait too long.
When you’re in your 40s or 50s, premiums are low and your health is healthy, it’s a good time to buy long-term care insurance.
You may be able to purchase long-term care insurance through your company, an organization, or a membership group, or because everyone’s needs are different, you may meet with an advisor to ensure that you get a plan that meets your needs and budget. Don’t waste your cash on anything else.
Originally posted 2021-05-11 08:32:57.