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Understanding Long-Term Care & Your Options

According to, Most Americans will need some kind of long-term care, and long-term care insurance is the best way to pay for it. In fact, 65-year-olds today have a 70% chance of needing long-term care, and an estimated 20% of Americans will need it for longer than five years. However, only about 7.5 million Americans have long-term care insurance.

Effective planning for the future should begin today! As healthcare costs increase the cost of long-term care continues to rise. It is important that you start thinking through how you want to approach your long-term care in the future. Oftentimes, your retirement and savings will not be enough. Your children and family members also may not have the resources needed to support you in the future. Therefore, effectively leveraging insurance solutions could better position you and your family for your later years in life.

The average age that individuals start needing long-term care is around 70 years of age. So what is long-term care insurance? Long-term care (LTC) insurance is coverage that provides nursing-home care, home-health care, and personal or adult daycare for individuals age 65 or older or with a chronic or disabling condition that needs constant supervision. LTC insurance offers more flexibility and options than many public assistance programs, such as Medicaid.

"Long-term care insurance usually covers all or part of assisted living facilities and in-home care. Medicaid rarely does. Full home care coverage is an option with long-term care insurance. It will cover expenses for a visiting or live-in caregiver, companion, housekeeper, therapist or private-duty nurse up to seven days a week, 24 hours per day, up to the policy benefit maximum."-Investopedia

Because Long-Term Care Insurance is an insurance product, the earlier you buy it, the better based on your health being better at a younger age. Most experts recommend purchasing it between the ages of 45-55 years of age. Options you may want to consider are, include critical illness insurance and annuities with long-term care riders. Don't delay the planning of your future. Start planning today!

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