Understanding the value of long-term care insurance - Ahwatukee Foothills News: Financial Advice

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Understanding the value of long-term care insurance

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Posted: Thursday, June 28, 2012 3:01 pm

As you consider your long-term financial plan, it is important to also consider your long-term health care plan and see how well you’re prepared to pay for your future health care needs and the costs associated with them.

According to the U.S. Department of Health and Human Services, National Clearinghouse for long-term care information, 70 percent of people over age 65 will require some level of long-term care services. Long-term care goes beyond medical care and nursing care to include all the assistance necessary in the event of an illness, accident or through the normal effects of aging that leaves you unable to care for yourself for an extended period of time. These types of services range from a little assistance to a lot. Long-term care services can include care at home, an assisted living facility or in a nursing home.

The time to make decisions about managing your future health care is now; as you become older, premium costs become dramatically higher and, if you have a serious medical condition or bad medical history, you may be unable to find coverage at any price. A long-term care (LTC) insurance policy should be considered as an integral part of your overall retirement plan. LTC insurance is designed to protect your assets and quality of living, enable you to maintain your financial independence, relieve the financial burden on your family and give you flexibility to choose how your care is delivered later in life.

There are many things to consider when choosing long-term care. A knowledgeable, licensed agent can explain the options and work with you to select a plan that fits your needs and budget. By taking the time to learn about LTC insurance now, you’ll gain the peace of mind that comes from knowing that you are helping to protect your assets, and giving you choice and control over where you receive care — including in your home. LTC insurance helps you and your family face the future with confidence.

• Local licensed insurance agent David Townsend Terry can be reached at (480) 239-0451 or dterry@insphereis.com.

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