Long Term Care
There are misconceptions about long-term care. Most associate it with nursing homes, but that isn’t always the case. It includes anybody that can no longer care for themselves for an extended period of time. There is a 70% chance this will happen to you one day. Thankfully, there are policies available that could help you without impacting your household budget.
While the majority of people receiving long-term care require it due to advanced aging, it is not uncommon for individuals who have been in accidents, contracted illnesses, had a stroke or any number of other conditions, to find themselves unable to care for themselves.
There are a few options to consider:
Rely on the government
While it may seem like there are many programs available, Medicare only covers skilled care after hospitalization and Medicaid requires impoverishment.
Rely on family members
Will your spouse be physically able to assist you with daily living activities, such as moving from bed to chair, bathing and dressing? Are your children able to take time off to provide the daily support you may need? There may be a large negative impact of this strategy – both emotionally and financially.
The mission of long term care is to help you live your best life, whether it be in your home, in assisted living or in some other facility. Long-Term Care Insurance helps to cover the costs associated with the extra care you need, while it protects your investments and savings and secures your family’s financial future.
For more information on how you can prepare for the costs associated with long term care, contact Ascent Financial today.