The majority of retirees will need some type of long-term care (LTC) assistance in the future. This is a serious concern and should be factored into your retirement.
Traditional long-term care involves premium payments that could increase in the future. Your future benefits could be reduced. In addition, if you did not use your coverage, then you lost your premium payments and did not directly benefit from these payments.
There are some new long-term care solutions that can provide you with coverage if you need it or your money back if you do not use the coverage. The payments are fixed (meaning they cannot increase), and coverage is set (cannot be reduced). If you do not need the coverage then you can receive your money back. This is designed so you can benefit from the coverage, or get your money back.
Long-term care insurance is one of the most popular ways to prepare for the possibility of assistance in retirement. LTC insurance can help cover a variety of services for a longer period than may be covered by traditional health insurance, like assistance with daily activities, including bathing, dressing, and so on.
LTC insurance can help cover the costs of chronic medical conditions, disabilities, and other disorders. Most LTC policies will at least partially reimburse you for care in your home, a nursing home, an assisted living facility, or an adult day care center.
LTC costs are an important consideration in financial and retirement plans, especially once you reach age 50. Don’t wait to buy coverage until you need it – you may not qualify if you already are experiencing a debilitating condition. Plan ahead now to save stress and money down the road.
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