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Long-Term Care
As we age our bodies become susceptible to numerous debilitating ailments that can cause us to become dependent on others for the most basic Activities of Daily Living. We purchase Long Term Disability to provide income replacement (i.e. to continue drawing income) in the event we are unable to work due to a disability. Normally that planning assumes we will not longer need to protection when we turn age 65 or out Normal Retirement Age which is determined by the Federal Government.
What would we do if we were unable to pay for the care we would need in the event of a debilitating illness or accident? We would need to turn to family and friends and in many cases Medicaid which provides care for those who have little to no assets. In order to qualify for Medicaid we would need to liquidate our hard earned assets and drain them down to the minimum level required by Medicaid.
Most of us do not want to think of having to rely on or burden friends and family and certainly do not want to receive care from Medicaid. The solution is Long Term Care Insurance which can provide a daily or monthly benefit to pay for the care that we will need. Benefit Se <????>
There are varying opinions as to what age is the most appropriate to purchaser Long Term Care. At the end of the day every situation is different because most people have a different life story to tell that got them thinking about Long Term Care in the first place.
“If your current insurance broker hasn’t talked to you about a Health Savings Account yet, why not talk to us?”
Call: 908.232.9244