In the event that you or a loved one develops a need for long-term care services due to a functional or mental impairment, your family may not be able to provide the necessary care. Long-term care insurance helps provide the insured with independence from government intervention in personal financial affairs, a choice in how and where care is received and the dignity to control one's own future.
What is the purpose of long-term care insurance?
The purpose of long-term care insurance is to provide protection from the financial loss that could occur in the event that you are incapacitated and need assistance with daily living. Prolonged incapacity can significantly drain a family's financial resources due to the high costs of long-term care in an assisted living facility or home care environment.
Who should consider it?
The following factors should be considered when deciding whether long-term care insurance is needed.
• Your long-term goals concerning asset preservation and transfer to heirs
• Importance of preserving your wealth
• Importance of transferring your wealth to heirs
• Your current cash reserve position with regard to using these reserves for long-term care costs
• Alternatives available to pay for potential long-term care costs
• Your feelings about selling assets to cover long-term care costs
• Your opinion of government assistance in meeting long-term care costs; is government assistance enough? How will that impact your standard of living?
• The opinions and considerations of the surviving spouse and/or family members
• Elimination of worry
• Preservation of emotional stability
• Reducing the burden of daily care provided by family members
• Possible effects of inflation in the event long-term care is needed
Do not leave possible future long-term care expenses up to your family
A long-term care insurance program designed specifically for you can provide benefits to help cover additional costs of long-term care, which might mean freedom from becoming dependent on a family member.