3 Must-Know Facts About Long-Term Care Insurance

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April 26, 2024 Long-Term Care Insurance

Navigating the world of long-term care insurance (LTCI) may seem daunting and complex. Fortunately, our team at Senior Care Counsel is here to help you learn about your options and take the necessary steps to protect your life savings and get the care you need. Here are three of the most important things to remember as you embark on your long-term care planning journey.

1. Planning ahead for your care is not as expensive as you might think.

Are you worried about the costs associated with LTCI? If so, it’s important to remember that the cost of NOT planning ahead far outweighs the cost of putting effective plans in place. With the cost of a nursing home ranging from $7,000 to $10,000 per month (or MORE), you risk losing your hard-earned assets in a matter of months, leaving you and your loved ones with nothing. On the other hand, LTCI policies can be customized to fit your budget, and you can choose from a variety of different payment plans. Besides, when you plan ahead for your long-term care, you’re spending a small fraction of your life’s work to protect the rest of it.

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2. You can choose a customized LTCI policy for your situation.

Long-term care insurance is not a one-size-fits-all product. The specific policy that will work best for you depends on your unique situation. Meeting with a qualified professional allows you to discover which option will yield the best results for you and your loved ones. For example, you can opt for traditional LTCI or an asset-based policy, pay an annual premium or make periodic payments, and add certain riders to your policy depending on your budget and projected care needs.

3. You have allies, like Senior Care Counsel, to help you along the way.

Here at Senior Care Counsel, we provide free educational resources designed to guide you through the long-term care planning process. After all, it’s vital that you understand your options before developing a plan. It’s also vital that you work with a qualified professional who can help you plan for your specific situation, whether you’re planning ahead for yourself or helping a loved one with an immediate care need. Don’t worry—we’ll connect you with a professional who has the knowledge and understanding to create a plan tailored to your unique circumstances.

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