Insuring Your Retirement with Long-Term Care Insurance

Insuring Your Retirement with Long-Term Care Insurance

Longterm care

When we think about our retirement plans, we tend to picture positive activities like travelling and spending more time with the people closest to us. If we’re in good health now, it can be difficult to picture the problems that inevitably arise as we age into our retirement.

Long-Term Care Insurance provides coverage on out-of-pocket expenses for care at home or at a facility. For some, that means dealing with an unexpected health event or accident, and for many of us it will mean chronic health problems that make daily activities very difficult without help from a friend or family member. Long-Term Care Insurance provides the peace-of-mind that your out-of-pocket expenses for care will be covered in the long run.

Long-Term Care Insurance policies can vary from reimbursing you for eligible expenses to providing a monthly stipend. Services typically include:
• Nursing care
• Rehabilitation and therapy
• Personal care (help with activities of daily living such as dressing, eating and bathing)
• Homemaking services (cleaning, laundry, preparing meals)
• Caregiver services

To lock in the best premiums, it’s always advisable to apply for coverage as early as possible. This is primarily because it’s difficult to be approved when you have existing medical conditions. Moreover, a longer waiting period before benefits kick in can also lower your premiums.
Most people look forward to the independence that comes along with retirement. The financial independence most people seek depends on how well they set themselves up for unplanned hurdles. As you plan for your retirement, it’s important to not only factor in your income. Future healthcare needs can become a key factor in your retirement, and Long-Term Care Insurance can help you maintain your standard of living as much as possible.

If you would like to learn more about Long-Term Care Insurance and the options available to you, please feel free to contact me.