Not everyone may need long term care insurance, but everyone should go through long term care planning.
The statistics for needing care later in life are staggering. It’s estimated that 6 out of 10 people will need long term care in their lifetime.
While many of us may think we’re the exception, not planning for the future could cause unnecessary burdens on your family including emotional and financial hardships.
The following are a few reasons why it’s important to make a long term care plan for your future now.
1. We Can’t Rely on the Government
Government programs such as Medicare and Medicaid only cover a portion of long term care expenses under certain conditions.
Medicare covers rehabilitation after a hospital stay or limited care at home if there’s a skilled medical need.
Medicaid covers long term care, but you must spend down your assets and income to $2,000 to qualify. In other words, you must be impoverished before Medicaid covers your care.
When planning for long-term care, the government may not be the answer. If you have assets to protect, you may want to consider other options.
2. To Ease the Burden on Family
Caring for an aging family member takes a physical, mental, and emotional toll on family members delivering care. In later stages, family members may require 24/7 care with help getting in and out of bed, dressing, and bathing.
Long term care planning helps ease the burden on families by providing resources and financial assistance. Creating a plan gives you more options to choose from home care, assisted living, adult daycare, or nursing home care.
3. To Protect Your Hard-Earned Assets
Depending on where you live, the cost of home care can range from $56,000 per year to $72,000 per year for assisted living.
Long term care insurance takes this burden by transferring your risk to an insurance company. It protects your assets from being wiped out due to needing care for an extended period.
4. For Peace of Mind
Long term care events can be a difficult time for families emotionally, physically, and financially. When you make a long-term plan, you and your family know what to expect. This offers peace of mind by having resources available and a plan in place to handle your care needs.
Are you ready to make a long term care plan for your future? At Capstone LTC Insurance, I help individuals and families protect their assets and secure peace of mind through long term care planning. Send me a message or call today to learn more.