The Importance of Long Term Care Insurance

Estate PlanningRetirement Income

The Importance of Long Term Care Insurance

Posted by COTO Insurance & Financial Services
3 years ago | June 25, 2018

I understand the importance of long term care insurance all too well. Unfortunately, my own father was diagnosed with Alzheimer’s at age 59, and he had to stop working earlier than planned.  Eventually, he needed more intensive nursing care than my mom, my siblings, and I could provide. And so, he moved to a nursing care facility for the last two years of his life.

Since my mom had been a stay-at-home mom, and my dad had never enrolled in a long term care insurance policy, this situation placed quite a financial strain on our family.

No one likes to think about long term care, and the potential need for a nursing home one day. But the truth is that one in three people will need this type of care at some point in their lifetimes. We all must confront this reality, and consider how we would pay for the intensive care we need. It’s best to anticipate this financial need, and enroll in an insurance policy while you’re still healthy and young.

Luckily, we have options with regard to long term care insurance. You can:

  • Self insure
  • Purchase a straight long term care policy
  • Choose a cash-infused policy which also provides a death benefit

Come talk with us, and we can help you sort through these options and choose a plan that best suits your needs and preferences. The best time to consider long term care insurance is now. 

 

 

 

 

 

 

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