You are hoping to live a long life, and have carefully saved and invested your money in hopes of a comfortable and independent financial future. But, what if you experience an injury or illness that requires long-term care services? You may be one of the many families that is dealing with the emotional and financial hardship associated with caring for elders, or someone who is disabled. Long-term care is not an easy subject to talk about, and few of us want to think that they or someone they love might become disabled or need assistance with routine everyday activities. Those of us who have had to care for someone in need of such services can appreciate how difficult and emotional it can become for the person in need of care, as well as the family and friends who support that person. The emotional devastation alone can be crippling to a family.
Injury and illness is something that happens to us all, and we are even more exposed in our later years. Perhaps you are even predisposed to an illness that runs in your family. If you live alone, you are more likely to incur an illness or injury that could lead to health decline. Assuming a family member will be able to care for you is perhaps one of the most common, but greatest mistakes. Long Term Care services requires specialty medical training. Moreover, expecting this type of care from a close friend or family member typically requires the person to sacrifice their job, time away from their family, and could potentially cost that person to give up many important obligations in his or her life. Securing an LTCi policy early in your life will allow you to finance the cost of this care for a fraction of what it will cost out of pocket, and ensure that you have the skilled care you need in a comfortable and safe environment.
Understanding your choices ahead of time is a critical part of planning for your and your family’s financial future. Without adequate protection, you risk jeopardizing your standard of living and becoming a burden on your loved ones. While many people make the mistake of assuming such care is afforded by health insurance or social security, this is not the case. Health insurance generally does not cover such care, and Medicare only pays limited amounts, typically only after hospitalization and with several limitations on what costs are covered.
Long Term Care is the type of assistance you need when you can no longer manage the basic day to day functions needed to care for yourself. These are called the Activities of Daily Living, including dressing, eating, transferring, toileting, or continence. Services are often also needed for those with cognitive impairment and chronic illness. One reason many people purchase a quality LTCi policy is to receive this care in the comfort of their own home. Care services are also available at assisted living facilities, nursing homes, and hospice, if necessary.
Long Term Care services are expensive, if not insured. Depending on where you live, home day care can cost up to $200/day or more, and the cost of services is getting increasingly more expensive every year. Many families are forced to liquidate assets, such as their house, retirement and cash savings just to pay for these services for an aged or disabled family member. For this reason, many families choose to buy LTCi to protect the estate and future inheritance of a family. Long-Term Care Insurance from Boynton Insurance Agency can protect your family’s financial future by providing valuable coverage benefits for costs associated with:
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We are staffed with Long Term Care experts who specialize in working with individuals and families to construct a customized plan. Our advisors with work with you to learn about your concerns, develop a policy to suit your specific needs, and implement a plan to support you and your family in times of difficulty.