It is important to understand why a Long Term Care policy would benefit your needs before purchasing a policy. Not everyone needs a policy but everyone needs a plan; these questions will help you determine if Long Term Care insurance is right for you.
Today there are many new types of policies to consider when determining the best plan for you.
Asset Based plans that are life insurance or annuities that help fund your care and if you never need care you get your money back!
Short Term policies that help with cash flow and help assist in filling the holes your health insurance or Medicare have.
Questions to consider:
- Have you ever known anyone who needed help with the physical and mental challenges of growing older? How did it affect the family?
- If you needed help, who would lend a hand?
- How would LTC expenses change your lifestyle? Your spouse’s?
- Do you know what your current health insurance provides for Long Term Care?
- If you get sick, is staying in your home important to you?
- How do you feel about living with your children?
- Would you be willing to move when you need care?
- How is the insurance company rated?
People are living longer thanks to modern medicine. That is great news, however now you are faced with planning for a retirement lifestyle that may span 20-40 years.
After answering the questions above you can identify your goals for Long Term Care planning. A Long Term Care policy is flexible and custom designed to meet your needs. What is your goal when planning for future care?
- To maintain Lifestyle, income, not deplete your retirement account.
- To avoid depending on others for care and preserve my independence.
- To protect my family’s standard of living if I ever need Long Term Care services.
- To protect my estate for my heirs.
Any of these goals apply to you? Get more information about Long Term Care Insurance