Why do you need long-term care insurance?
Here are four reasons you might want to consider investing in long-term care insurance.
Addresses rising costs
One of the primary reasons to invest in long-term care insurance is the growing cost of care services. LTC expenses are often outside of the scope of other private insurance policies and can quickly deplete personal savings and assets, putting immense financial strain on families. Insurance helps offset these expenses and ensures you receive the level of care you require without compromising your financial security.
Maintains independence and choice
By planning ahead and securing LTC insurance, individuals gain the flexibility to choose where and how they receive care. Whether at home, in an assisted living facility or at a nursing home, having the means to pay for quality care empowers seniors to maintain their independence and retain control over their care decisions. This can be particularly important for those who later suffer from Alzheimer’s disease or other cognitive impairment that can take these decisions out of their hands later.
Eases the burdern on loved ones
Long-term care needs can be emotionally and financially draining for family members who often become caregivers. Having LTC insurance relieves your loved ones of this responsibility, allowing them to focus on emotional support rather than becoming full-time caregivers. This can preserve family relationships and prevent conflicts that may arise when deciding on caregiving responsibilities.
Avoids spending down to access Medicaid
Without LTC insurance, many individuals may have to deplete their savings to qualify for Medicaid coverage, a government program designed to provide assistance for low-income individuals. With LTC insurance, you can protect your hard-earned assets and avoid the necessity of spending down to qualify for Medicaid. It’s worth consulting a financial advisor to see how this might affect you.