Chances are the day will come when you won’t be able to manage on your own. The good news is, people are living longer. However, that increases the chance that you will live to the age where you will need long-term care. Long-term care includes all the assistance you would need with daily living tasks if a chronic illness or disability leaves you unable to care for yourself for an extended period of time. It could be care in your own home or in a specialized facility.
Care options that may be available to you
Many people think their private health insurance or Medicare would pay, but that’s typically not true. Health insurance really only pays for doctor and hospital bills. Medicare will cover skilled care for periods up to 100 days, but only if certain requirements are met. If you need care over an extended period of time, you’d have to spend down your assets before Medicaid would kick in, and then, you’d have less choice about the care you receive.
Others assume their loved ones would provide the care they may someday need, but that’s an imperfect plan. Many don’t recognize the significant negative impact caregiving could have on the caregiver, who often suffers emotionally and financially as a result of their caregiving responsibilities. If your plan is to turn to your family, is that what’s really best for you and them?
Long-term care insurance puts you in control
Long-term care insurance helps make sure that you’ll have access to high-quality care should you ever need it. Using insurance to pay for care also means that you won’t need to choose between getting the assistance you need and spending down your life’s savings. In short, long-term care insurance puts you in control.
4 reasons to consider long-term care insurance
1. Allows you to stay at home or in a setting of your choice
2. Helps you maintain your independence and dignity
3. Can help protect your retirement assets or income
4. Helps relieve financial and caregiving pressure on your family