Long Term Care Insurance as an Integral Part of Financial Planning
Posted by General Advice on November 9th, 2020
Aging is the quintessential truth of life that cannot be denied or delayed. To ensure financial independence in old age, one has to prudently start financial planning for the older years. With the hiking popularity of nuclear families and the increasing migration of younger people for better prospects, a majority of older people have to live alone, without any family support. The elderly pose a greater threat from diseases and suffer from low financial stability, which underlines the significance of long term care insurance.
What is long term care insurance?
Long term care insurance is coverage that provides care for individuals who need long-term assistance in a nursing home, adult daycare, or care at home. When you have a chronic medical condition, a disability or disorder like Alzheimer’s disease at such a fragile age, a long-term care insurance policy can help you to cover the costs of your healthcare for daily living. The rates that you pay, depend on a variety of things including your age and health, amount of coverage, marital status, gender, and the insurance company, etc. People generally buy long-term care insurance for two reasons:
According to Genworth’s 2018 Cost of Care Survey, the median cost of care in a semi-private nursing home is ,297 a year. Long term care costs are hefty enough to deplete a retirement nest quickly, so if you want to protect your savings, you always need to support financial assistance like long term care insurance.
Frankly, your insurance doesn’t cover everything. Residing at daycare or the daily costs of visiting a nursing home won’t be added to your insurance bill. If you want quality assistive healthcare, then long term care insurance can be an ideal alternative to get more choices.
Perks of investing in long term care insurance
Here are some reasons, why investing in long term care insurancemay make sense for you:
Why long term care insurance?
Growing old isn’t easy. Your body goes through tremendous changes and you cannot count on the government for your health insurance to pay for your long term cost. Besides, women are 60% more likely than men to need long term care, and you cannot afford to wait, because the longer you wait, the more expensive your options will become. If you want to reduce the risk of depleting your valuable assets, then with LTC insurance you can secure your access to the right type of care. Invest smartly when there is time and gain peace of mind in your old age!
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About the AuthorGeneral Advice
Joined: September 16th, 2019
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