While it would be wonderful if we could all live fully healthy lives right up until the end, the hard truth is that it is quite possible that you may need long-term care services as you age. If you have not planned for the financial burden of this care, you could find yourself draining your entire savings – and that might not even be enough.
What is Long Term Care Insurance For
When a person can no longer handle the tasks of daily living, such as eating and bathing, they need long-term care. This transition can become necessary for numerous reasons such as suffering an injury or severe illness that leaves them incapacitated, deteriorating physical or mental health, or a cognitive impairment like Alzheimer’s disease or dementia.
Nursing homes and private in-home care can be extremely expensive and regular medical insurance and Medicare only cover a small portion of those costs. Long Term Care Insurance (LTCI) may pay for the expenses that your other policies will not.
Benefits of Long Term Care Insurance
The biggest benefit of LTCI is easing the financial and emotional burden from yourself or your loved ones if you find yourself facing long-term care expenses. The right policy can:
- Preserve your own savings as well as those of family members that you might need to borrow from
- Relieve the burden from family and friends of providing your care
- Give you the freedom to choose where you receive care as well as which type of services you receive
Not All Policies are the Same
There are a number of factors that should be considered when choosing a LTCI policy, and an experienced agent like Webb Financial is crucial in determining the best options. Factors such as age and health, benefit amount, benefit period or elimination period can all affect the terms and costs involved.
Webb Financial is well-versed in this type of policy and can tailor a plan to fit your individual needs and budget. Visit https://www.insurancebywebb.com/personal-insurance/ or call 847-604-5434 to schedule an appointment with one of our knowledgeable agents.
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