Is Long Term Care Insurance right for you? | Spencer Insurance Agency, Inc

Is Long Term Care Insurance right for you?

 

In less than 10 years, all of the nearly 70 million baby boomers will have reached the age of 65. As this massive generation starts to reach an age where extended care is needed, how will families shoulder the cost. Long-term care insurance (LTCI) can be an integral part of any family’s plan no matter what route they decide to take with their older relatives.

 

LTCI is a policy that will reimburse policyholders a pre-selected amount for services to assist their loved ones with daily living activities. This insurance is essential because it can help lessen the financial burden caused by long term care – whether that means home-based care, a nursing home, an assisted living facility, or any variation of extended care.

 

LTCI is important because while some boomers may have invested wisely and have the disposable income to take care of themselves, there is no guarantee that something disastrous might not happen that would cause that income to dry u, leaving them with no backup plan. Investing in LTCI should be a part of any future planning especially considering that 60% of people over the age of 65 will require some form of long-term service.

 

Not only is LTCI helpful for those receiving the care, but family members can struggle to support their relatives if they choose to pay for long term care services themselves. These cost are expected to increase anywhere between 50-120% over the next 10 years. Talking to your loved ones about their long-term care goals and if they have considered LTCI should be a conversation that should start now even if they will not need long term care in the near future.

 

Contact us at Spencer Insurance Agency to see if LTCI is right for you.  Start the conversation now before you need the care.

Close

Check out how you can win an iPad mini.

Open