Regular health insurance and Medicare cover a lot of services but oftentimes neglect to include long-term care, which involves assistance with personal care needs like dressing, bathing, and eating. As we age, it becomes more difficult to perform these daily tasks, especially for those suffering from a debilitating medical condition. No matter the current state of your health, it’s natural to want to plan for how you’ll pay for long-term care.
Most people will eventually need long-term care.
According to the Administration for Community Living’s 2020 Profile of Older Americans, roughly 70% of adults over the age of 65 will require some sort of long-term care support. Taking this data into account, it’s worth choosing a long-term care insurance plan and considering policy options.
Long-term care is expensive.
Paying for long-term care out of pocket can make a big dent in your retirement savings. Nursing home care and assisted living facilities can cost anywhere from $50,000 to $100,000 a year. If your current budget leaves room for long-term care insurance, it might be worth paying an insurance premium now to avoid paying for services in full later when you need them. Having long-term care insurance also keeps you from passing on this financial burden to your children.
Long-term care insurance guarantees a certain level of care.
When you sign up for long-term care insurance, you’ll know what type of care your policy covers according to the cost of your monthly premium. This type of insurance will save you from facing any unexpected surprises later on when it comes to the quality of care you receive when paying out of pocket.
Long-term care insurance keeps you independent longer.
Because long-term care insurance covers in-home modifications like wheelchair ramps, you will most likely be able to live longer at home and spend more quality time with your loved ones if you take out a policy. You won’t have to worry about asking your family for help later, as you will already have a plan in place for your own care.
If you’re in your mid-50s or beyond, you may want to consider taking out your own long-term care insurance policy. Our team recommends speaking to a trusted financial adviser as a first step. Reach out to our knowledgeable staff today to ask any questions you may have about end-of-life planning or to schedule a meeting with one of our funeral professionals.