You probably haven’t thought about it much, but what would you do if you suddenly suffered from a serious health condition, such as a disability? Would a family member be able to take you in and care for you? What would the impact be on their immediate family in regards to finances and emotion? What if a family member suddenly suffered from a serious health condition? Would you be able to afford taking them in and caring for them? Would you sacrifice money as well as time with your children in order to care for them? Or do you have the extra money to send them to an assisted living facility that can cost nearly $8,000 a month?

There’s a simple answer to these questions: long-term care insurance.

Why more people need long-term care

There’s a good chance you know of a friend or have a family member that has needed long-term care. With people living longer, it has become more of an issue. This is why it’s imperative you talk with loved ones to devise a plan that will protect them in the future.

It’s never too early to start discussing long-term care insurance options. The earlier you get started, the less you will pay over the life of the policy. Likewise, the longer you wait, the more the price will increase. By purchasing a policy now, you could prevent a significant nest egg erosion, which can destroy a family’s worth for generations. If something unfortunate happened to your spouse, would you be able to afford the long-term medical and rehabilitation needs that can cost thousands of dollars a month?

This is why long-term care insurance is so important. It protects you from having to face such a serious dilemma.

What it covers

Each policy is different, so you’ll need to work closely with us to make sure you choose the coverage you require. But in general, long-term care insurance can help you pay for:

Adult day programs

Respite care

Assisted living

Nursing home or specialized dementia care

Hospice services.

For older adults who want to age in-place, long-term care coverage can make it possible. Most comprehensive long-term care policies pay for in-home care if you need help with activities of daily living like dressing, or household tasks like paying bills, cooking and light housekeeping.

Comprehensive policies typically also pay for in-home therapies and skilled nursing services you may need, which can mean the difference between living at home and moving to a nursing home.

Other things your long-term care policy may cover include training for a family member who will be your caregiver, and home modifications like wheelchair ramps. If you have questions, feel free to call us anytime.

Each policy has a daily benefit amount, and most set a limit on the number of years that you can claim benefits. There are lifetime-benefit policies, which cost more than term-limited coverage. Because senior-care costs are rising faster than the rate of inflation, you may want to buy a policy that offers inflation protection.

The takeaway

Long-term care insurance won’t only help with finances and emotional stress; it also helps improve the quality of life for the individual in need of care. This can be done by keeping the family member in their own home, a familiar environment where they can enjoy family activities and memorable moments.

When it comes to finances, long-term care coverage will help protect your children’s inheritance, as well as your retirement plans because you won’t have to drain them to pay the care costs.Long-term care insurance isn’t a traditional investment like stocks or real estate. It’s an investment in your family’s future. Call us for more information.