When you’re healthy and busy building your career or practice, thinking about long-term care might feel like something to put off for another day. But here’s the truth: waiting too long could limit your options — and cost you more later.
Long-term care (LTC) insurance is designed to help cover the cost of care if you become unable to perform basic daily activities on your own due to illness, injury, or aging. It helps pay for services like home health aides, assisted living, or nursing care, support that health insurance or Medicare doesn’t typically cover.
Why Consider LTC Insurance?
The cost of care is rising.
According to Genworth’s 2023 Cost of Care Survey, the median annual cost of a home health aide is over $75,000. If care is needed for several years (as is often the case), those expenses can quickly add up and eat away at savings meant for retirement or loved ones.
It helps you stay in control.
Long-term care insurance gives you more choices about where and how you receive care, whether it’s staying in your home or moving to a trusted facility. It also helps ease the financial and emotional burden on your family.
It protects your savings.
Without coverage, many people end up dipping into retirement accounts or relying on adult children to help pay for care. LTC insurance helps preserve what you’ve worked hard to build.
Isn’t This Only for Retirees?
Not at all. Accidents and chronic conditions can happen at any age. In fact, buying a policy in your 40s or 50s often means:
- Lower premiums
- More coverage options
- A better chance of qualifying before health issues arise
Are You a Business Owner?
Your premiums may be tax-deductible if you’re self-employed or own a small practice. This could make long-term care coverage even more affordable.
Planning ahead brings peace of mind.
Whether you’re caring for aging parents or just thinking ahead, now is a great time to explore your options. At Professional Insurance Programs, we can help you compare policies and design a plan that fits your needs and budget.
Have questions? Let’s talk. Call us at 800-637-4676 or email us at [email protected] to get started.