Did you know that 4 out of 10 people over the age of 85 develop dementia? If you or someone in your family were in this situation, what would you do? Assuming that Medicare will take care of the costs might not be the best idea. Medicare will cover skilled nursing facilities, but only for a limited amount of time. Furthermore, it only applies to individuals with a certain level of income. Let’s talk about how long term care (LTC) can help you or your family members plan ahead.
What is Long Term Care?
Long term care is available to help individuals live as independently as possible. The most common form is personal help. This involves assisting patients throughout their daily activities such as- eating, bathing, transportation, etc. Long term care can occur at home or in a facility.
There are three main types of long term care options:
- Traditional- The first option is called traditional long term care. We recommend it for individuals who did not intend on getting a long term care plan but are now in need of it. Traditional is the most affordable option. However, it only covers the cost of care. Furthermore, it does not have a death benefit and you do not get any money back.
- Permanent Life Insurance– This plan offers universal life or index universal life along with a long term care rider. Basically, you obtain a life insurance plan and add LTC as an addition to your policy. The main advantages of this policy are a tax-free benefit, cash value, and peace of mind knowing that if you ever need LTC you’ll have it.
- Asset-based– This can be a single premium plan going towards an annuity or single premium life insurance policy along with a rider.
Why you should consider LTC
Many assume that they will never need LTC. That, if necessary, their family will take care of them. However, did you know that 1 of every 2 people turning 65 will need long term care coverage in their lifetime? Furthermore, presuming family will take care of you can lay a large burden upon them. Caregiving involves bathing, toileting, lifting, and more. It can take both an emotional and physical toll on either party.
Start planning ahead
Unplanned medical costs are likely to happen and can add up quickly. Do not lose your assets or life savings on something like this. Plan ahead with long term care. Call one of our agents today to find out which long term plan is best for you. Our experts can help you make the right choices.
Did you know life insurance can be used to save for retirement and to help pay off debt?
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