Long-term care insurance is a crucial component of financial planning for anyone concerned about their future health needs. Utility linemen have taxed their bodies over their career and may eventually need additional health services.
As we age, the likelihood of requiring assistance with daily activities such as bathing, dressing, or managing medications increases. This is when long term care insurance could kick in. Long-term care insurance can provide a financial safety net that protects you from the potentially devastating costs associated with such care.
Medicare doesn’t cover long-term care.
Medicare and traditional health insurance typically do not cover long-term care services, which can include stays in nursing homes, assisted living facilities, or in-home care. Moreover, additional Medicare supplements do not cover extended stays in medical facilities. Individuals might resort to using their 401k, IRAs or other assets to fund this expense.
Having long-term care insurance allows you to have more control over your care options. It can help you choose the type of care you want, whether it’s staying in your home with professional help or moving to a preferred facility. This choice can significantly affect your quality of life and provide solace for both you and your loved ones.
Long-term insurance can alleviate future burdens.
Investing in long-term care insurance can alleviate the emotional and financial burden on your family. Without insurance, the responsibility of arranging and paying for care often falls on family members, which can be stressful and disruptive to their lives.
If you’d like to discuss your long-term care insurance options and how it might fit into your financial plan, schedule a conversation.
Opinions expressed by the owner of this content do not reflect an endorsement by Cetera Advisor Networks LLC, or its affiliates.
