The question of whether you should buy long-term care insurance is a difficult one to answer. There are pros and cons, as well as financial implications to take into consideration.
It’s important that you address this question sooner rather than later, as you may come to find that it’s a good addition to your long-term care plan and financial plan as a whole.
Here are some of the many benefits associated with a long-term care insurance policy:
- Financial peace of mind: Without long-term care insurance, you may have major concerns about how you’ll pay for care should it be necessary in the future. For instance, if you need to move into a nursing home as you age, you’ll need a clear idea of how to pay for it.
- Good for at-home care: Most people want to stay in their home for as long as they can. However, if you’re unable to do so on your own, you’ll need to hire at-home care. Long-term care insurance can offset this cost, allowing you to remain in your home longer.
- It protects your savings: Without long-term care insurance, you may find it difficult to pay for the care you need. You may also find that the only option you have is to pay with your savings and/or other assets. This eats into the assets that you’re able to leave behind to your loved ones upon your passing.
If long-term care insurance fits into your budget, it’s something to strongly consider. With the benefits above, you’ll soon realize that it’s advantageous to both you and your family in the future.
Do you have questions or concerns about long-term care planning? If so, one of our experienced and knowledgeable attorneys can step in to provide assistance. Contact us online to set up a free consultation.
- How Estate Planning for a Family May Trap the Unwary Practitioner - August 31, 2022
- State Income Taxation of Social Security Benefits - August 24, 2022
- Understanding Tax Apportionment Clauses - August 17, 2022