Many people, when they are in the first stages of their careers and family, focus on life insurance so their loved ones are financially protected in the event of an unexpected, early death. But as we age, those protective needs change. We shift from providing an income for our families to providing the means to live out our lives in comfort—or at least, not as a finanÂcial burden to those we love.
Most medical plans (including Medicare) do not provide much financial assistance for long-term care services. Therefore, you need to plan ahead for the possibility that you will need assistance—either at home or at a facility—in the event of a disabling disease or injury.
A long-term care insurance policy can help pay for the expenses of home care services and residential living centers. Without coverage, you might have to pay upwards of $50,000 per year for home health services and approximately $90,000 per year if you move to a nursing home.
If you weigh what you pay in premium versus what you could pay out of pocket, this policy is a smart financial tool. You also may be able to claim some deductions on your taxes for the costs of a long-term care policy, and health savings accounts may be used to pay for premiums. You may also be able to get a hybrid life insurance/long-term care policy, which can be a very economical type of coverÂage. Talk to your insurance professional for detailed information on an array of good choicÂes to help you secure long-term care insurance.
