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Long Term Care Insurance

Investment Insight Wealth Management, LLC understands how important it is to prepare for your future. While public assistance programs are available to assist with the expenses associated with long-term care should you become ill, these programs are limited, and may not cover your situation entirely, placing a financial burden on your family. Investing in long-term care insurance can help protect your financial freedom if you end up with a chronic health condition that prevents you being able to care for yourself.

Long Term Care Insurance Defined

Long Term Care, also known as LTC insurance steps in to help take care of your financial obligations should you need to be moved into a nursing facility, or attend adult day care. Because skilled nursing facilities can charge anywhere from $150 to $300 per day, or more than $80,000 a year, many families struggle to meet those financial demands without the use of insurance.

A LTC policy can also help cover the costs of receiving skilled nursing care in your home, if you do not wish to go to a nursing facility. Even still, three home care visits a week can cost more than $9,000 a year.

An LTC insurance policy will cover a set dollar amount per day, or a set number of home care visits every week. When shopping for a LTC policy, it is critical to read the fine print. Read the policies very carefully to determine what is covered, and what the benefits are. Ask questions if you’re not sure.

You’ll likely need to examine multiple policies to determine what will work best for your needs. Once you have a policy selected, then you’ll be able to determine which facilities in your area will be covered under your policy, or how much home care you will qualify for under the policy. If you find that you do not have enough coverage, you may be able to use public assistance programs to cover the difference, thus minimizing the direct financial impact on your loved ones.

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