LONG TERM CARE = EXTENDED HEALTHCARE
Are healthcare costs in retirement and the potential need for long term care included in the concerns that you have when thinking about your future? If so, have you considered making a strategy to prepare for an unexpected long term care event? People often mistake long term care for “nursing home” care. But a more fitting description for “long term care” is “extended healthcare”.
One of the most common forms of continued care is provided in-home by a licensed home health agency or family member. If care needs are greater than what can be met in-home, an assisted living facility, adult day care, hospice home, or memory care facility may be necessary.
So, if long term care insurance is something that makes sense to include in your financial strategy, where do you start?
- Depend on Family and Friends
- Buy Insurance
DEPEND ON FAMILY AND FRIENDS
Given an urgent situation, some people choose to rely on a family member. This may initially seem like a fitting solution, but one of the main reasons people include preparing for a potential long term care event in their financial strategy is because they don’t want to burden their family. They know caring for loved ones can be emotionally and financially draining.
If you choose to rely on family to take care of you, make sure they are aware of your decision. Be clear and concise about the kind of care you want including from who and where. Discuss allocating responsibilities to avoid overwhelming one person.
If you have the appropriate amount of income saved, self-insuring may be an option for you. But be aware of how much is “enough”. Even though it’s hard to predict the future, you should consider the current direct and indirect costs of care and rising inflation rates.
After running through the exercise, if you are unsure if you have enough saved, get a quote on long term care insurance.
BUY LONG TERM CARE INSURANCE
For some people, buying long term care insurance could be the option that best suit their needs. Many people are unaware of how affordable and useful long term care insurance can be for families. Like all insurance, it offers an amount of protection*, which acts as safeguard and safety net for your financial strategy.
*Product guarantees are backed by the financial strength and claims-paying ability of the issuing insurer.