June 19, 2024
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June 19, 2024
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Linking Northern and Central NJ, Bronx, Manhattan, Westchester and CT

(Courtesy of Medicare Done) It’s got a bad rap. And for good reason. Expensive. Limitations. Exclusions. Those words are synonymous with long-term care insurance. At least they used to be. Communicating with Medicare recipients on a daily basis provided us with insight into common misconceptions regarding retirement planning.

Long-term care, specifically custodial care, refers to assistance with daily activities and personal care tasks that individuals may require over an extended period due to chronic illness, disability or advanced age. Medicare does not cover any form of long-term care. Even if people purchase a supplement in addition to their Medicare policy, there is still no coverage for custodial care.

Long-term care is a topic that often gets overlooked until it becomes an urgent necessity. Mom was diagnosed with Alzheimer’s. Dad fell and needs an extra pair of hands around the house while you are at work. Life happens. Research shows that around 70% of individuals over the age of 65 will require some form of long-term care in their lifetime. This could range from assistance with activities of daily living like bathing, dressing and eating, to specialized care for chronic illnesses, such as Alzheimer’s or Parkinson’s disease.

Facing the need for long-term care can be daunting, especially when considering the financial implications. The cost of paying for long-term care out of pocket can quickly deplete savings or money you had hoped to leave as a legacy. Many individuals assume that they can rely on their children for care, but the reality is that even the most devoted children may not be equipped to provide the level of care needed. Moreover, children often have their own families and responsibilities to juggle, making it challenging to provide full-time care to aging parents.

Fortunately, there are more options available today for long-term care planning, including long-term care insurance. It ain’t your grandma’s long term care policy. Gone are the days when long-term care insurance was synonymous with standalone policies that were prohibitively expensive and only accessible to those in perfect health. Today, individuals have a variety of long-term care insurance options tailored to their needs and financial situations.

One such option is hybrid long-term care insurance, which combines the benefits of traditional long-term care insurance with other financial products like life insurance or annuities. These hybrid policies offer the security of knowing that funds will be available to cover long-term care expenses if needed, while also providing a death benefit or income stream to beneficiaries if long-term care is never required.

Long- term care insurance puts you in the driver’s seat. If you prefer to stay home as long as possible, you can get care where and how you want it.

Don’t wait until it’s too late to plan for long-term care. Take control of your future today by exploring your long-term care insurance options and securing the protection you need for the years ahead. Your peace of mind—and your family’s security—-depend on it. Call 248-919-8193 or email [email protected] to discuss your options.

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