There are many health-related issues that can play a role in the need for long-term care — chronic illness, advanced age, accident, stroke, Alzheimer’s disease, and other cognitive impairments. Without the proper plan in place, your finances will be significantly affected, and the impact on your family could be devastating if long-term care protection is not a part of your financial and risk management solution. First Choice Insurance of America can provide you with Long-Term Care (LTC) insurance.
Among 65-year-olds, 70% will use some form of long-term care in the years ahead, according to the U.S. Department of Health and Human Services. Health insurance, unfortunately, doesn’t cover long-term care. Medicare doesn’t, either; it covers only short nursing home stays or limited amounts of home health care when you require skilled nursing or rehab. That’s why it’s so important to create a wealth-protection strategy to help manage long-term care expenses.
LTC insurance reimburses you for at least a portion of the cost of a nursing home, assisted-living facility, adult day care, or in-home help. There is a range of services available in the community to help meet long-term care needs covered by a policy. This includes visiting nurses, home health aides, friendly visitor programs, home-delivered meals, chore services, adult daycare centers, and respite services for caregivers who need a break from daily responsibilities, which can supplement care given by family members.
Long-Term Care coverage will help enable you to secure your retirement savings by protecting against the high long-term care cost. It also allows you to retain independence in decisions concerning care rather than relying on family members or government assistance.
You could choose to buy a Long-Term Care policy with a daily benefit that would cover the entire cost, or you could buy enough insurance to cover a portion of the cost and plan to self-insure any extra expenses yourself, which still limits some of your risk.