Learn why a long-term care insurance policy can be the right decision for alleviating the burden on your family.

How Long-Term Care Insurance Can Benefit You

No one expects to be on long-term care or disability, but it does happen for some. Particularly as you age, it becomes easy for long-term care needs to wipe out a lifetime's worth of savings, but having the right insurance can be a valuable way to protect yourself.

Long-term care insurance can cover significant amounts of the cost of nursing and assisted living care while safeguarding your finances in the process. You may be able to remain independent and in your home longer if you have private insurance covering your care. There is always the risk that you will never need long-term care and thus never benefit from such a policy. Ultimately, however, you must decide whether you can afford to live without it.

It Can Lessen the Burden on Your Family

If you must be placed in long-term care, other members of your family may be forced to cover costs and care for you. This is one of the major reasons why many people choose to take out a long-term care insurance policy. It can significantly lessen the burden of care placed on your loved ones and give them peace of mind that you are being taken care of.

Factors to Consider

A handful of factors can determine whether long-term care insurance is right for you. If you lead a healthy lifestyle, for example, you are actually more likely to need long-term care because you might live longer. If your family has a history of long-lived individuals who needed significant long-term care later in life, that should impact your decision. Your current financial situation and whether you can afford the price of premiums is something else to consider. Be sure to carefully consider what each policy you are appraising actually covers so that it will help you when you need it.

As with most insurance policies, the younger and healthier you are, the cheaper the policy. An older person with a serious health condition might find the cost of premiums to be simply unaffordable if they can find a long-term care policy willing to cover them at all. Therefore, it is usually best not to wait before looking into your options.

If you are interested in learning more about your options for long-term care insurance, we can offer information about policies that might be right for you.

Contact us to Learn more.