Life Happens - Plan For It!
Most of us have had a family member or friend, who as the result of an unforeseen illness or accident needed long term care. For many, that memory is of our parents caring tirelessly for our grandparents, or one of our parents caring lovingly for the other. In these situations, those with a quality long term care plan in place faced the situation with less stress, less anxiety, and less loss of savings.
Long term care is an integral part of retirement planning. Having a plan for care is really about protecting your independence and lifestyle, and the peace-of-mind knowing you’ve taken steps to shield your family from the emotional, physical, and financial challenges needing care can present. The alternative is to self-insure. If you choose to do so, keep in mind that raising the monies required for care may not be as simple as you envision. What bank account would you reach into first? What are the tax ramifications of selling your investments? And what happens if the market is in a downward cycle when you need these funds?
The greatest misconception is that long term care insurance is best dealt with later rather sooner. The truth, however, is that the best time to investigate insurance is before you need it. Obtaining coverage can become difficult and costly - perhaps impossible - once an accident or illness has changed your good fortune. None of us know when we might experience a change of health, and studies show that roughly 70% of those over 65 will need care.
There are many more insurance options to choose from today versus just a few years ago. Policies now offer the opportunity to have monies deposited directly to your checking account, to be spent as you please, possibly to have a family member or friend care for you. There are also life insurance policies that allow you to spend down the death benefit if a need for care arises, and whatever is unspent can become a legacy for those you care about most.
To navigate the multitude of options, talk to someone who specializes in long term care insurance - someone who understands the difference between company offerings, and who represents a variety of insurers. Most important, be sure the agent you select truly has your best interest at the heart of any decision.
Editor’s Note: This article was submitted by Mitchell Dannenberg, CLTC of LTCI Marketplace. For a complimentary review of your current insurance policies, and an assessment of how long term care coverage may help protect your retirement dream, you are invited to call Mitchell at (239) 461-5511, or visit their website at http://ltcimarketplace.com.