A well-designed long-term care insurance policy may be one of the best financial decisions you’ll ever make. It can play a very important role in giving you and your family the “peace of mind” that you will have all the necessary resources to pay for quality care – where and when you need it.
Some of the considerations for determining if long-term care insurance is right for you:
- You have significant assets and income that you are concerned about protecting.
- You don’t have significant assets and income, but you don’t want to rely on the Medicaid program.
- You want to remain independent and not have to rely on family or friends for care.
- You wish to guarantee you and your spouse will receive quality care, in the setting of your choice.
You should NOT consider buying long-term care insurance if:
- You are already eligible for the Medicaid program and do not mind having limited choices.
- The premiums would greatly affect your current lifestyle and be a financial burden to pay.
Because today’s long-term care insurance policies offer a variety of features and benefits, it pays to take your time when choosing your policy.
There are many things to keep in mind as you consider the right long-term care policy for you. For example, the benefits you receive in the future should be substantially more than the premiums you will pay in your lifetime. The plan should not be a “cookie-cutter” or generic one-size-fits-all approach. The policy should be customized to your specific personal and financial needs. And the premiums should be affordable, not only now but in the future as well.
Ready to explore your long-term care options? Contact us today!