Most people envision themselves living a long life. A life where investing and planning throughout their working years helps create that financially secure future people seek. As part of your financial process, it is important to understand the potential impact that needing long-term care (LTC) may have on your assets, your family and your future.
Financial Impact
In reality, the longer you live, the greater the likelihood that you may require long-term care. The costs associated with needing long-term care are significant. While it can take decades to accumulate the assets you’ll need to retire comfortably, just a few years of paying for long-term care may threaten a lifetime of savings.
Emotional and Physical Burden
If you’ve ever been in a care-giving situation, you understand the physical and emotional toll it can take. while providing care to loved ones is an act of compassion, placing these burdens on spouses, children and other family members can create a significant strain, physically and emotionally, that many people would like to avoid.
Consequences of Not Having a Plan
Waiting to address your long-term care needs– until the point at which you actually need care– may significantly impact your financial situation, quality of life, and ability to maintain your independence. Incorporating LTC insurance into your financial plan today can help protect your assets, reduce the burden of care that would otherwise fall on family members, and enable you to receive care in the setting you most prefer– including your home. Perhaps the greatest benefit: LTC insurance can allow loved ones to care about you instead of having to care for you.