Long-term care insurance may be one of the most important financial planning tools you can use to protect your future. Many individuals find themselves unsure of what it is and if they need it. Susan Polk Insurance is here to educate you and help you make the right decision.
What is Long-Term Care Insurance?
Long-term care insurance is a policy you purchase to protect your income and assets from the potentially devastating costs of being cared for or caring for a loved one, should a long-term illness or condition arise. Planning ahead will allow you and your family to remain focused on quality time together instead of struggling to pay for needed care.
One in two people will need long-term care at some point in their lives, yet few have prepared for it. Using assets or income already allocated for other purposes can put a strain on your financial plan. An earmarked asset can be vulnerable to market volatility, which can jeopardize your plans and put a burden on any income and assets you might plan to use.
The Benefits of a Long-Term Care Policy
Do you want to stay at home and have your care there, or would you prefer an assisted living facility or adult day care? There are many options for care both at home and in the community, and having long-term care insurance offers you the freedom to make these decisions and many more.
When you purchase a long-term care policy, your rates are based on your age at the time of purchase, so the longer you wait the more expensive it can become. While the best time to purchase this insurance is in your mid 50 to early 60’s, it is never too early or too late to start planning for the future.
Long-term Care Insurance can:
- Pay for long-term residency in Assisted Living and Skilled Nursing Facilities, Board and Care Facilities, Memory Care Facilities, and Adult Day Care
- Pay for in-home care
- Be purchased as a daily or monthly maximum benefit amount
- Include inflation protection, which we recommend
- Be issued as joint policies and shared-care benefits, leveraging your premium dollars
The Advantage of Being in SLO
In addition to traditional long-term care plans, we also offer California Partnership plans, which offer additional asset and inflation protection. With a Partnership plan, it is possible to protect assets you might wish to pass on to your heirs. This type of plan is fast becoming the most popular for homeowners in San Luis Obispo County, giving them the security to know that their assets are further protected.
Let Us Help!
Understanding your options and having a real plan is vital to protecting your assets, your family, and your future. We are here to guide you through the process and help you choose the plan that’s right for your needs and budget.
To find out more about long-term insurance or to get a free estimate, contact us today and schedule a FREE consultation.