Do you have a plan to pay for long-term care (LTC) services? Long-term care insurance (LTCi) helps protect a policyholder’s income and assets against the financial risk of an LTC event. While people may think policyholders benefit the most, LTCi can protect the whole family.
Just what is LTCi? Long-term care insurance pays for care when a person requires help with daily activities, including skilled, semi-skilled and homemaker services due to an illness, accident or the impact of aging. LTC insurance can also cover supervision due to cognitive decline.
LTCi benefits policyholders in many ways, including the following:
LTCi Protects Your Hard-Earned Income and Assets
It’s no surprise that LTCi services are expensive. According to Genworth’s Cost of Care Survey, the median cost to live in an assisted living facility is $51,600 per year. In 20 years, the cost is estimated to jump more than $93,000 per year.
Do you have income and assets set aside to pay for care in the future? When planning for retirement, don’t forget to factor in LTC costs. Or, transfer your risk to an insurance company now to protect yourself when the need may arise. LTCi protects policyholders from the financial burden of an LTC event so you can keep your hard-earned income and assets.
You Decide Where and How To Receive Care
Outside of protecting your income, one of the best reasons to buy LTCi is to protect your ability to choose. When you plan for LTC, you get to decide where and how you want to receive care.
If you prefer to stay in your home, LTCi can pay for home care several days a week or even 24-hour care if your needs increase over time. If you enjoy being social and living in community, LTCi can also pay for assisted living at the location of your choice. By buying LTC coverage and sharing your wishes with your loved ones, you get to decide your future.
Fewer Surprises
Chances are you already plan for the worst-case scenarios with car insurance, homeowner’s insurance and life insurance. LTCi is no different.
When there’s over a 50% chance of needing care in your lifetime, planning ahead helps avoid the panic that can result from an unexpected long-term care event. Long-term care insurance doesn’t just help pay your LTC bills, it also offers dedicated care coordinators to answer questions and help make sure you’re getting the care you need.
LTCi Benefits for Loved Ones
LTCi policyholders aren’t the only people who benefit from LTCi coverage. Here’s how family members and loved ones also benefit:
Less Financial Strain & Care Coordination: Many family members take on the time, physical strain, and financial expense of a parent or grandparent who needs LTC services. When you’re covered with LTCi, your loved ones can focus on making sure you’re being properly taken care of and not worry about making sure the bills can be paid.
A Plan to Follow: If you don’t create an LTC plan for yourself, your loved ones will be forced to make one for you. This can involve making decisions on where and how you receive care. When your wishes are clearly outlined, your loved ones have a plan to follow and know exactly what to do and who to call to get the LTCi claims process going.
Protects Their Health & Offers Peace of Mind: Caring for a loved one can be physically, mentally and emotionally taxing on individuals, especially over a long period of time. Family caregivers are more prone to depression and even shorter lifespans. LTCi protects your family’s health and gives everyone peace of mind.
So, Who Benefits the Most?
Everyone! Policyholders keep their power to choose and protect their hard-earning income and assets. Loved ones have a plan to follow and protect their own health and income. Everyone gains peace of mind as the insurance company handles the financial burden and care of a long-term care event.
Neeta and Tom Nicholson are the owners of Amada Senior Care of Jacksonville and are expert contributors. Amada Senior Care works with many LTCi policyholders and providers to manage home care for seniors with their benefits. If you have a policy and are unsure how your plan works, contact them for a free consultation at 904-512-7747.
