Long Term Care insurance can minimize the financial impact to an individual or their family of a decline in physical and/or mental health. Benefits of owning long term care insurance are:
- Provides a plan of care for medical and physical assistance when you can’t
- Mitigates emotional decisions required of spouses and families about the responsibilities of care-taking
- Intelligent way to protect assets (liquid or illiquid)
- Protection of an otherwise sound financial plan
Long-Term Care insurance provides benefits people who suffer a significant cognitive impairment or who need assistance performing at least two of the activities of daily living which include eating, bathing, continence, dressing, toileting and transferring, or separately, suffer a significant cognitive impairment.
The need for long-term care does not mean being confined to a nursing home. According to the U.S. Department of Health and Human Services, 80% of long-term care is provided at home. You can receive long-term care in a variety of settings, including:
- Adult Day Care Centers
- Assisted Living Facilities
- Nursing Homes
- Hospice Facilities
- Your Home
Long term care policies have many components to them, and for the average consumer can be extremely difficult to interpret. Let us help you determine if long term care insurance is right for you. Long Term Care premiums can also be partially or fully tax deductible in certain circumstances.