Long Term Care Insurance
If you or a loved one is in need of assisted living or long term nursing care, the bills can pile up very quickly. Your savings and your nest egg are at risk due to these medical expenses that aren’t covered by medicare. You can fall back on Medicaid for help but only after all of your assets are depleted. Finding a solution for dealing with these expenses is an important part of your long term financial plan.
Long Term Care Insurance or LTCI can help pay bills associated with long term nursing care or even home care. Traditional LTCI plans can be quite expensive but pay out a monthly benefit up to an amount specified in the policy. Prices are determined based on current health, age, and the amount and length of the desired benefit.
There are other ways to protect your assets in the event of an extended care situation. You can use an annuity strategy with a LTC benefit which uses other savings to multiply the benefit amount. Life insurance plans can also be used by including benefits for chronic illness or long term care.