MINT HILL, NC – Long-term care planning is important in today’s world. The main reason is that people are living longer and not to mention costs are getting higher for care.
A good question to ask yourself is, “Will my family have adequate resources in the event of an unexpected injury or illness to maintain our current standard of living?” If the answer is no, you may want to explore the benefits of a long-term care policy. Key terms to pay close attention to in a long-term care policy are the elimination period, period of coverage, and the coverage amount. Each policy tends to be different in what type of care it covers, whether it be strictly nursing home or at home care or both. The Department of Health and Human Services did a study in 2016 and found that only 10% of long-term care costs are paid by Medicare. Personal funds topped the list at 52%.
Something to keep in mind if you don’t qualify for this type of insurance is that you may get coverage through specific annuity policies as well. An important point to remember about long-term care costs is that these expenses represent a threat to your financial security by consuming assets.
If you would like help looking at all of your asset protection options, please feel free to reach out and we can review your options together.
Let us help you find your clarity of purpose!
To discuss further, please contact me at (704) 817-4480 Option 2, or by email at firstname.lastname@example.org.