Long-Term Care insurance can help you with expenses related to aging.
People have insurance to cover various risks.
You can purchase medical insurance to help pay for doctor visits, procedures, and prescriptions.
You can purchase life insurance to provide an "instant estate" for your family should you die prior to building that estate.
You can purchase disability insurance should you become injured or ill and be unable to work for a time.
Indeed, insurance lessens the financial blows life can bring.
According to a recent nj.com article titled “The benefits of long-term care insurance,” you should consider purchasing this often overlooked form of insurance.
Long-term care insurance helps pay for assistance with the fundamental "activities of daily life" for for those who are ill, temporarily incapacitated, or aging.
This involves paying someone to help you eat, dress, bath, transfer, or other daily tasks.
It can be used to pay for nursing home care or home care.
Long-term care insurance is invaluable for seniors as it allows them to receive the care they need without draining their savings or bankrupting a spouse.
Do not wait until you are a senior to get this insurance.
You should have get a policy when you are in your 50s.
Gretchen and I purchased our policies when we were 49.
Premiums will be lower each month.
It is easier to get coverage if you are healthy and younger.
If certain health issues arise in the future, you may not be able to qualify.
Policies are not all the same.
You should need to take a variety of factors into account.
First, most people require long-term care for an average of three years.
Where you live may impact your daily amount of coverage.
Care in a facility should be the similar to care provided at home and vice versa.
There will be a waiting period between the dates of incapacity to the start of coverage.
If you are married, you can get a discounted combined policy like Gretchen and I did.
An inflation rider is important so coverage will increase with rising costs.
A long-term care policy is a wise choice to consider.
Make it a financial planning priority.
Reference: nj.com (January 6, 2019) “The benefits of long-term care insurance”