More than just Health Insurance

 Everyone is aware of the need for good health insurance and a good hospitalization policy in case of an emergency.  In most cases it is a part of the overall financial plan for security.

 But what about long term care insurance?  Just what is it?  And why does one need it?  How does it affect financial security?  Isn’t it expensive?

  Long-term care is something that can have a dramatic affect on your finances maybe even more so than taxes. It is something that is likely to affect your family and everything you’ve built up over the years--long term care.

 Several of my clients have encountered a situation that has changed their business and their life and the quality of their life.  It did not need to happen.  If their parent or loved one had had the foresight to purchase a Long Term Care Insurance policy when they were in good health.  Or if the son or daughter had purchased the policy for them.

 Long-term care insurance is an excellent method to protect your life savings.  Health insurance and Medicare do not reimburse for the extended personal care needed for someone seriously injured in an accident or unable to care for them selves due to advanced age or illness. Long-term care insurance provides for this type of care.

 On average, nursing home care currently costs $55,000 annually, with many nursing home residents paying much of that out of their own pockets. In a major metropolitan area the cost could be double that. 

 When looking at a long-term care policy, it is critical to look at the benefits for assisted living facilities and for in-home care, as well as nursing home and adult day-care.  There are many options and policies available to suit the individual needs of your family.  You may need a specialist to help sort out the options, compare and shop among the various companies.  I am not that specialist.  However I am familiar enough to recognize those that are just such a specialist.  There are many independent agents that I have worked with that are experienced and very knowledgeable. I will be happy to put you in touch with one of them. They can address your personal situation and provide the pertinent information that you need to make a decision.

This is an important issue and a timely issue.  Time to consider it seriously.