Is LTCi Right For Me?
Long-Term Care insurance [LTCi] is a vital part of financial planning as it is designed to protect your retirement income and your family’s lifestyle. Long-Term Care affects people of all ages and the high cost of care can endanger one’s financial independence and lifetime savings. LTCi pays for the expenses associated with needing care for an extended period of time at home or even a stay in a long-term care facility.
The cost of long-term care can vary greatly based upon current and future costs of care and for how long care is needed. There is a range of benefit levels to choose from, which gives you the ability to design a plan that not only fits your needs, but also keeps your premium at an affordable level.
The risk is compelling:
- 3 in 4 Americans over age 65 will need some type of long-term care services.
- Being young does not discount your risk of needing care. 36% of the population needing extended care is under 64 years old.
There are many consequences of needing care:
- Families must change their lives to provide care.
- Caregivers suffer more stress, anxiety, depression and are at higher risk of developing cardiovascular diseases.
- Retirement income ends up being used to pay for care, instead of being used for other commitments and family lifestyle.
How Long-Term Care insurance can help:
Long-Term Care insurance changes the family’s role from caregiver to care supervisor, relieving the burden of caregiving. Statistics show persons who have used LTCi, stay in the home for a longer period of time. Additionally, paying for care out of pocket usually comes from retirement income and doing so can devastate retirement plans and commitments.
LTCi takes care of the consequences an extended care need can cause and protects retirement income.