Unlike traditional health insurance, long-term care insurance is designed to cover long-term services and supports, including personal and custodial care in a variety of settings such as your home, a community organization, or other facility.
Contemplating and planning for a long-term care event is arguably the most challenging area for clients nearing retirement. We see couples continuously struggle with how to handle this risk. Unfortunately, it’s generally ignored. It doesn’t help that many myths surround long-term care. For example, people oftentimes think Medicare or the new health-care legislation covers long-term care expenses.
Given longer life expectancies, the demographics and trends are grim concerning the number of people who will need care as the Baby Boomers age. Please don’t ignore this risk because the choices and outcomes could be devastating. Giving some thought to a plan now could save you and your family from extreme hardship later. If you have ever experienced caregiving, you know how physically and emotionally exhausting it can be.
Until recently, the only real option in the insurance market was the traditional long-term care policy that has now become quite expensive. But the insurance marketplace has evolved, and there are many new product offerings. If you haven’t looked lately, you might look again. There are now products and solutions that can fit nearly every budget.