Long Term Care Insurance – Questions to Get You Started

Long Term Care Insurance – Questions to Get You Started

Much of my energy as an advisor is focused on the long term care discussion.  Why?  Because people are asking the questions!  If you think Long Term Care is a problem best left to discuss when you’re in your 60s-70s, then you better think again.  More and more Americans are living longer, more productive lives.  They are accumulating wealth and want to protect that wealth for themselves and their families long into the future.  One of the biggest threats to this is the cost of funding their elder care.  I’m here to tell you that proper planning on the front end can take away this noise and help you sleep better at night.  Here are some basics to think about when considering the purchase of long term care insurance:

  • Do you want to control how and where you spend your elderly years?
  • Have you talked with your spouse and children and formed a game plan for how this transition looks?
  • Does your wealth strategist or financial planner have an idea of what this looks like for you?
  • Have you spent considerable time wondering how you will pay for long term medical care?
  • Are you concerned about protecting the estate you have built for yourself and your family?
  • Do you have a trust in place?
  • Are you familiar with your options for receiving long term care in your local community?
  • Have you spoken with friends and peers who are in the same life cycle as you?

If you haven’t asked yourself these questions, then it’s about time you do.  The ability to have open dialogue with those involved in helping you make the decision is a great starting point.  But it’s not the end point.  Once you have an outline of your expectations, it’s critical to take action toward putting a plan in place.  One of the most common methods of dealing with the funding of long term care is through a Long Term Care Insurance Plan.  Your personal risk advisor should be very well versed in the many options available today.  Schedule some  time to meet with that trusted person.  Lay out your plan and let them provide some options that will suit those needs.

If you have questions, or would like to purchase long term care insurance, please contact our office for an appointment.

The enrollment period for 2023 individual and family health plans ended on January 15. Please contact us to determine if you qualify for a special enrollment period.

More Information