Long Term Care Insurance (LTC)

After working hard to build a strong financial future, what steps have you taken to guard your wealth against the cost of long term care? Will your spouse be left impoverished after paying for your long term care costs? What about your family and the care giving they may need to give with little or no respite?  Unless you have a policy that provides for paid, professional care, even the most good-hearted children may find it difficult to manage long-term assistance to the degree most disabled parents require – leaving families to make very difficult and often-times unpleasant choices. 

 

According to the U.S. Department of Health and Human Services, 70% of people reaching age 65 can expect to use some form of Long Term Care during their lives.¹ When taking this statistic into consideration, the rising cost of care nationwide, and the detriment of being without coverage, LTC insurance can be an essential part of protection built into your financial plan. 

Our licensed advisors represent many of the industry’s major insurance carriers with plans that cover nursing home care, assisted living, adult daycare, as well as in-home care.  These policies can cover the cost to assist you with activities of daily living: bathing, continence, dressing, eating, toileting, and transferring.  In addition, some policies may include coverage for personal care items like using a telephone, preparing meals, laundry, housekeeping, and managing medications. Help with activities of daily living are expenditures ONLY covered by Long Term Care Insurance.

¹Who Needs Care? Retrieved June 23, 2016, from http://longtermcare.gov/the-basics/who-needs-care/ 

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Jesse Landis, CFP, CKA, CLTC, explains how a well-designed long-term care policy is a strategic estate planning technique to protect from the ever-rising cost of healthcare.

(Jeff Moyer is an employee of Donnelly Financial Solutions.)

This material contains only general descriptions and is not a solicitation to sell any insurance product or security, nor is it intended as any financial or tax advice. For information about specific insurance needs or situations, contact your insurance agent. In addition, state insurance laws and insurance underwriting rules may affect available coverage and its costs. Guarantees are based on the claims paying ability of the issuing company.