In the event that you or a loved one develops a need for long-term care services due to a functional or mental impairment, your family may not be able to provide the necessary care. Long-term care insurance helps provide the insured with independence from government intervention in personal financial affairs, a choice in how and where care is received and the dignity to control one’s own future.
What is the purpose of long-term care insurance?
The purpose of long-term care insurance is to provide protection from the financial loss that could occur in the event that a person is incapacitated and needs assistance with daily living. Prolonged incapacity can significantly drain a family’s financial resources due to the high costs of long-term care in an assisted living facility or home care environment.
Who should consider it?
The following factors should be considered when deciding whether long-term care insurance is needed.
- Your long-term goals concerning asset preservation and transfer to heirs
- Important to preserve your wealth
- Important to transfer your wealth to heirs
- Your current cash reserve position with regard to using these reserves for long-term care costs
- Alternatives available to pay for potential long-term care costs
- Sell assets
- Government assistance
- Your opinion of government assistance in meeting long-term care costs; is government assistance enough? How will that impact your standard of living?
- The opinions and considerations of the surviving spouse and/or family members
- Eliminate worry
- Preserve emotional stability
- Reduce burden of daily care provided by family members
- The possible effects of inflation in the event long-term care is needed
Don’t leave possible future long-term care expenses up to your family.
A long-term care insurance program designed specifically for you can provide benefits to help cover additional costs of long-term care, which might mean freedom from becoming dependent on a family member.