The cost of caregiving services can devastate a solid retirement plan. An extended illness can also be an emotional and physical drain on the entire family. Do you know how you’ll protect your assets and your family’s financial well-being if you need to enter a long-term care situation?
Consider purchasing long-term care insurance if:
Long-term care insurance, or “Living Benefits” insurance, provides a monthly benefit if you become functionally dependent, i.e. requiring substantial supervision or assistance with two to six Activities of Daily Living. The six Activities of Daily Living are:
Your advisor can explain in more detail how functional dependence and Activities of Daily Living are defined.
The monthly benefit is yours to use as you wish. You can use it to pay for a long-term care facility, private care at home, or even to pay a friend or family member who helps take care of you. You'll never need to report how your benefit is being spent.
Long-term care insurance is a valuable gift you give to your future self and any loved ones who may be burdened with your care. Talk to an advisor about which long-term care policy is best for you.