Do I need Long-Term Care Insurance?

You may never become frail and need care for years, but if you did, the consequences to your family and retirement portfolio could be catastrophic.

Think for a moment about your family, who would provide care for you, and what will this do to their emotional and physical wellbeing? Would your spouse be able to lift you and transfer you from one spot to another? Would your children have to take time off work and be away from a career they are building? There are so many factors that are avoidable if someone has a plan for their extended health care needs. Did you know that providing care to chronically ill people can often make healthy caregivers sick chronically?

Now think about your assets and your income. You have worked your whole life to save money and invest the money earned appropriately. Income will have to be reallocated, which means you may not have enough cash flow to help you pay for care and keep your financial obligations- like, going on vacation to Europe, helping your child pay for college, or helping your grandchild pay for their first car.

There is a lot to think about when it comes to an extended health care event. Long-term Care Insurance provides a stream of income that will fund the plan to keep you safe at home with your loved ones helping coordinate your care, not giving it. There are traditional long-term care insurance policies that will provide you with the most leverage for your dollars spent, but the negative with conventional long-term care insurance is you either use it or lose it. For those concerned with losing their money, there are hybrid policy’s that will give you a life insurance benefit, which will help your beneficiary recoup your premium if you never used the policy. There are many plans and designs to choose from; What is your plan?

Call Avery Hall in Salisbury or Easton today to schedule a consultation or request a quote here!

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