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Long-Term Care Insurance
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Long-Term Care Insurance Policies
You’re working hard to live the life you want as you save for retirement. Long-term care insurance can help you protect your lifestyle in retirement.
In general, about 70% of people 65 or older will need help with basic, everyday tasks. However, most health insurance policies do not cover assistance like this. About half of people who need long-term care cannot afford it. However, long-term care (LTC) insurance could be helpful in this case. It may also be a good idea to buy long-term care insurance while you’re still healthy.
The Cost of Long-Term Care Insurance
Without insurance, costs can quickly mount. According to the Alzheimer’s Association, 66 billion dollars were spent on out-of-pocket healthcare by people with Dementia or Alzheimer’s in 2019.
And that doesn’t take into account the costs not reported. Also, Medicare doesn’t cover all medical costs. You might not be able to receive other care assistance, even if you have health insurance.
In general, people begin reducing monthly long-term care costs around the age of 50. But, some begin earlier. Additionally, some retirees have other insurance that may impact their eligibility for long-term care. We can help you in reviewing your options.
Benefits of LTC
Besides the high costs of LTC, there are other reasons to consider LTC insurance. One of them is protecting your savings for retirement. Nursing homes, home care, or assisted living can consume your income. Unfortunately, many retirees lose the money they earn over their lifetime. We can help you protect your health and wealth long-term during retirement. Contact us to learn more.
Alternatives to LTC
Other options may be available besides an LTC-only policy. For example, some permanent life insurance policies cover long-term care. Furthermore, certain annuities may give you income protection if you end up needing LTC. Some annuities include “LTC riders.”
If you cannot perform everyday tasks on your own, you may need long-term care. Contact us to help protect your standard of living in retirement.
LTC insurance can help you protect your lifestyle in retirement. We offer educational seminars to help you learn about long-term care insurance policies. In addition, we’re here to answer your questions and guide you to your goals.