Long Term Care Insurance (LTCI) is a type of insurance policy that covers basic daily needs over an extended period of time. While health care insurance or Medicare helps pay for immediate medical expenses (for example, a surgeon’s bill), long-term care insurance helps with the cost of chronic illnesses such as Alzheimer’s disease and other disabilities.
The policies pay for assistance with everything from the basics — bathing and dressing — to skilled nursing care and therapy. Let’s discuss a couple facts regarding the importance of Long Term Care coverage:
• Each of us faces a 70 percent chance of needing long-term care services at some point during our lives after turning age 65, according to the National Clearinghouse for Long Term Care Information. Additionally, there is a 40 percent chance that someone who has reached 65 will enter a nursing home where the average stay in a nursing home is two and a half years, according to stats compiled by Morningstar.
• Long Term Care is the single leading cause of financial ruin during retirement
Those two reasons alone make planning for Long Term Care an absolutely crucial conversation that you must have with a qualified Long Term Care specialist such as Synergy Financial Group.
While many people think that Long Term Care is only a conversation for baby boomers and seniors, people of any age can suffer an injury that could result in a Long Term Care situation.
Another common misconception about Long Term Care is that it’s expensive, and that traditional LTCI policies are the only way to protect yourself. Both are false. There are numerous ways to fund Long Term Care coverage, such as 1035 Exchanges, reverse mortgages, and SPIA’s (Singe Premium Immediate Annuity), and these are just a few.
At Synergy Financial Group, we’re not here to simply sell someone a LTCI policy. We’re here to be your trusted advisor, and to come up with a solid strategy that will help protect you and your loved ones from caretaker stress and financial impoverishment.
If you’re a resident of Fort Wayne and searching for a Long Term Care coverage solution, call our office today to get the conversation started. You’ll be glad you did.