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Make a Plan for Long-Term CareMost people don't want to think about the possibility of needing long-term care. But by avoiding the subject, they could inadvertently force their loved ones to make some significant sacrifices later in life.
The question to ask yourself is, "Can I afford to self-insure, or should I consider other options?" If you are not sure, learning more about long-term-care insurance may help you determine whether it fits into your financial strategy. Long-term-care insurance is designed to help cover a portion of the cost of assistance you might need as the result of a chronic illness, disability, or cognitive disorder that leaves you unable to care for yourself. Policies provide coverage for nursing-home care, home care, assisted living, and other services related to elderly assistance. Regardless of where care is provided, policies generally offer two levels of care: custodial care, which refers to everyday help with basic activities such as eating, dressing, and bathing; and skilled care, which refers to nursing and rehabilitative services performed by skilled professionals. Long-term-care insurance can help you preserve assets and your freedom of choice should you need this type of care. With adequate insurance, you have the option of selecting the type of facility and care you prefer, rather than being subject to the level of care you or your relatives can afford once your assets have been depleted in retirement. Deciding whether you need long-term-care insurance involves looking at your complete financial picture. Please call so we can discuss your specific situation. 1) ABC News, January 12, 2005 |
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One
study found that 33 percent of working women have either reduced their work
hours or passed up career opportunities to care for a chronically ill relative.
And, on average, caregivers spend nearly $20,000 of their own money caring for
family members over a two- to six-year period.¹