According to the U.S. Department of Health and Human Services, someone turning age 65 today has almost a 70% chance of needing some type of long-term care services in their remaining years. And a long-term care insurance policy can offer individuals both peace of mind and preserve their standard of living and independence. If you are in the market for a long-term care insurance policy here are three things to know:
1. Policies are flexible
Whether an individual needs 24/7 or intermittent care, LTCI policies can provide a variety of flexible options which enables you to customize a policy that best fits your needs. And with that protection in place, families can focus on directing the care for their loved one without being burdened by the finances.
2. Policies can help protect assets
LTCI policies can provide asset protection by helping cover the costs of care rather than you having to withdraw money from your personal assets to pay for it. Additionally, the advantages of LTCI policies extend beyond the individual who purchases the policy. They protect entire families and allow individuals to benefit from the best care possible without worrying about losing their estates. LTCI should be part of a well designed financial plan.
3. Policies are affordable
Coverage often costs less than expected, and not everyone needs a policy with all the bells and whistles in order to have enough coverage. For many people, a solid, basic LTCI plan does the job and provides many options for care.
Long-term care events are a reality of life. Purchasing a long-term care insurance policy is one of the easiest steps individuals can take when searching for long-term care solutions.