Alexandra

Do you know what Long Term Care Insurance is? It can be a crucial policy for you.

It might be hard to imagine now, but chances are you’ll need some help taking care of yourself later in life. The big question is: How will you pay for it?

Buying long-term care insurance is one way to prepare. Long-term care refers to a host of services that aren’t covered by regular health insurance. This includes assistance with routine daily activities, like bathing, dressing or getting in and out of bed.

A long-term care insurance policy helps cover the costs of that care when you have a chronic medical condition, a disability or a disorder such as Alzheimer’s disease. Most policies will reimburse you for care given in a variety of places, such as:

  • Your home.
  • A nursing home.
  • An assisted living facility.
  • An adult day care center.
  • Durable Medical Equipment, such as our Medical Alert devices.

Considering long-term care costs is an important part of any long-range financial plan, especially in your 50s and beyond. Waiting until you need care to buy coverage is not an option. You won’t qualify for long-term care insurance if you already have a debilitating condition. Most people with long-term care insurance buy it in their mid-50s to mid-60s.

Whether long-term care insurance is the right choice depends on your situation and preferences.  Consider finding someone who is a financial specialist when shopping for this type of policy.  We recommend Lynette Barbieri, financial specialist she can be reached at (732)845-0006.  She has worked with many of our clients.