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What Are the Advantages of Long-Term Care Insurance?

Personal Finance
female caretaker walks with elderly woman who understands the advantages of long-term care insurance

Would you like financial protection from long-term care costs? One of the advantages of long-term care insurance is it could help pay for professional assistance with the basic personal tasks of everyday life if you are ever unable to complete them on your own. Now, you've likely never pictured a world where you weren't able to care for yourself — but what if you need long-term care someday?

Let's imagine, for example, one of the worst-case scenarios: a stroke. Health insurance policies like Medicare generally won't pay for the necessary long-term help for daily living activities like walking, eating, dressing and bathing. And what if you develop a physical disability or a chronic illness? You might not be able to perform as many activities on your own. Long-term care insurance is a living benefit that could help you if you need extended care in the future through an assisted-living facility, a retirement home or in-home care with a nurse.

What Are the Advantages of Long-Term Care Insurance?

If one of those worst-case scenarios were to happen, what would you do? Would a family member or other loved one be able to serve as your caregiver — and would you even want them to take on this role? Would you be able to afford outside help? Your personal savings could dwindle quickly if you had to pay for long-term care expenses out-of-pocket. However, having access to professional help could allow you to live your life with dignity, which could be better for both your physical and mental health.

Another important advantage is long-term care insurance could help you preserve your estate and assets. This insurance type could help you avoid relying on your existing funds to pay for things like chronic personal assistance or a higher-level care facility. It could allow you to have the money you need to enjoy retirement — or to continue living the best possible life even if retirement was supposed to be further down the line. It could also help protect the inheritance you have built for the next generation and prevent the need to rely on loved ones financially.

Now, you might be wondering about long-term care insurance pros and cons. Of course, there's always a risk that you'll purchase the insurance and never need it. While that could feel like money wasted, these policies might also help you sleep better at night. Knowing that you'll have the necessary help available if the time comes — without having to worry about your finances — could give you a better quality of life.

So, is long-term care insurance worth it? That's certainly up to you to decide, but when making future financial plans, consider whether you could afford to pay for long-term care on your own. Few people anticipate needing this kind of help — and sometimes the need comes unexpectedly. Your life could change in an instant and planning now could help protect your future.

What Does Long-Term Care Insurance Cost?

A long-term care insurance policy could help protect you against future care costs, but you might also be wondering what it would cost now. That could depend upon a number of factors, including your age when you purchase the policy, the maximum amount the policy would pay per day, the maximum number of days (or years) a policy would provide benefits or any other optional benefits.

Generally, rates are better for those who purchase this insurance at a younger age. It is also important to note that long-term care insurance may require a medical examination for underwriting, and this insurance type likely won't cover preexisting conditions.

Long-term care insurance is a living benefit that could help you — and your family or other loved ones — if you ever need extended care. What could be better than being able to live the best possible life without the cloud of financial worry?

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Information provided is general and educational in nature, and all products or services discussed may not be provided by Western & Southern Financial Group or its member companies (“the Company”). The information is not intended to be, and should not be construed as, legal or tax advice. The Company does not provide legal or tax advice. Laws of a specific state or laws relevant to a particular situation may affect the applicability, accuracy, or completeness of this information. Federal and state laws and regulations are complex and are subject to change. The Company makes no warranties with regard to the information or results obtained by its use. The Company disclaims any liability arising out of your use of, or reliance on, the information. Consult an attorney or tax advisor regarding your specific legal or tax situation.