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Do You Need a Long Term Care Insurance Plan?

So how can a long-term care insurance plan help you and protect your assets? It's a legitimate question. Insurance, its most basic form, is designed..

Do You Need a Long Term Care Insurance Plan?
Do You Need a Long Term Care Insurance Plan?
Today, more than ever, there is a real concern for many people about outliving their assets.

A long-term care insurance plan may be the best way to cover the costs of aging, whether or not you want to stay in your home.

The reality is sobering.

Medicare may pay for skilled nursing care should you require it. However, it will only cover the cost for 20 days. Should you require additional care you will receive partial coverage for another 80 days. After that, nothing.

Furthermore, skilled care that you receive in a nursing home is not considered long-term care.

Even more disturbing is the result of a Harvard University study that indicated 69% of single adults and 34% of married couples would exhaust their assets after only 13 weeks in a nursing home.

If you are a woman the odds are against you. Women have a 50% chance of spending some time in a nursing home while men have a 33% chance.

What does this mean?

The odds are definitely not in your favor. So how can a long-term care insurance plan help you and protect your assets?

It’s a legitimate question.

Insurance, its most basic form, is designed to protect you and your loved ones from an accident, emergency, or undesirable result. Most of us are familiar with life insurance which pays a tax-free benefit to your beneficiary should you pass away.

Additionally, we are all familiar with health insurance which pays some percentage of medical bills and doctor visits.

So what about long-term care insurance?

It’s basic form, the idea of long-term care insurance is to provide you with money to “age in place.” What this means, if the opportunity to age with dignity while living in your home even should you require “custodial care.”

Custodial care is the term used when you need help with eating, bathing, or who think freely around your home (to name a few).

The bottom line, long-term care insurance can protect your family so that you can live with dignity while preserving some of your assets to be passed on to loved ones.

In like other insurance policies, you can really afford a policy at a time in your life when you don’t need a policy. Just like terminally ill people cannot buy a life insurance policy, there are restrictions for getting a long-term care policy should you delay the decision for getting one.

Get the facts.

At the very least you should consider checking out a shoppers guide to long term care insurance as the first place to start.

And like any insurance policy, it’s important to speak with a professional – an expert – who can walk you through all the different policy provisions to help you find a policy that fits your budget today while protecting your assets for the future.

The best way to do this is to request no obligation long-term care insurance quotes today.

After all, the choice is yours…

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