Long Term Care For Individuals
Add Long Term Care Insurance to Your Financial Plan
A solid financial plan for you and your family includes protection for unexpected health needs — and Long Term Care Insurance is an important part of that plan. While nobody wants to think about needing nursing home care, skilled care, or home health services, statistics show that 70 percent of people will require some form of long-term care in their lifetimes.
Protecting Your Assets and Your Family
Planning ahead ensures that unexpected care does not deplete a lifetime of savings or leave loved ones financially vulnerable. Professional Benefit Solutions can help you explore Long Term Care Insurance options so that if you require nursing home or home health services, you have the resources to pay for your care without draining other assets.
Long Term Care Options
Traditional Long Term Care Policies
Some families may already have a Long Term Care policy, often purchased years ago to offset costs. Keeping these policies current is important, even if premiums rise, because older policies often have rates far below what it would cost to purchase new coverage today.
Many policies, however, do not provide enough coverage for today’s costs or enough days to meet typical long-term care needs. Professional Benefit Solutions can help you identify supplemental policies to make sure you are fully protected. If you do not already have coverage, we can help you find a policy that provides peace of mind and financial security for your future care.
Long Term Care and Life Insurance Combinations
A newer model of Long Term Care policies combines coverage with a Whole Life Insurance policy. The advantage of this approach is that you and your beneficiaries never lose out. You receive Long Term Care benefits if needed, and your family receives a life insurance payout if the services are not used.
These combined policies are often most advantageous when purchased at a younger age, allowing more years to pay into the plan. For some seniors, however, this option can still make sense — providing coverage for care needs while leaving a cash legacy for family if the services are not required.
Life Insurance Protects In Several Ways
There are a three different ways to think about life insurance. The first, and most obvious, is that it is a tool to assure that your family will have the financial resources to pay for mortgages, utilities, pay off big ticket items like cars, send children to college, and continue to survive financially if something...
Nursing Homes
Covering the Cost of a Nursing Home! If you are over the age of 65, congratulations! You made it to Medicare coverage! And Professional Benefit Solutions can help you with all your questions about signing up for your coverage, but while we are meeting, we really need to discuss Long Term Care coverage. If you are 65,...