Have you ever woken up in the morning and thought “I think I will move to Assisted Living today!”? Probably not but the future is unpredictable and unavoidable. Someday you might find it necessary to choose an Assisted Living for you or your loved one’s needs. A Long-Term Care Insurance policy helps relieve any financial worries you may have. Is Long-Term Care Insurance a good choice? The following are four benefits important to you or a loved one when considering a policy.
Reduction of Financial Burden
Long-Term Care Insurance is reputed to be expensive but when all factors are considered the cost becomes minimal. Many variations exist in policies and coverage allowing the purchaser to budget their investment.
Protect your Retirement Finances
Money laid aside for retirement is always advised but if Long-Term Care is needed, savings will quickly deplete. A decade of care in Skilled care could easily amount to approximately one million dollars. If Long-Term Care Insurance were in place it would help to alleviate the financial burden.
Provides Peace of Mind
A Long-Term Care policy provides peace of mind. Aging has no price tag and a noticeable difference occurs when dealing with both the realities of aging and needing Long-Term Care.
Size Varies with Need
It would be impossible to predict the amount needed by an individual for Long-Term Care but most over the age of 65 budget $50,000 as a good start. Each policy differs in amount and coverage of service. Social Security, investments, pensions, and property offset the cost of Long-Term Care. Knowing your financial status helps determine the policy best suited for you.
Consider Long-Term Care Insurance policies as financial supplements. It is difficult to think of spending your life earnings primarily on medical care. Long-Term Care policies prepare you financially for the unpredictable.
Bridge to Better Living helps guides and assist Seniors to find the most appropriate community for their needs and wants. A Long-Term Care Policy alleviates the cost of Senior Living. Look to Bridge to Better Living for expert guidance in choosing your next move. Out Transition Consultants are ready to provide resources and answers to your questions.