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Long Term Care

The Impact of Long-term Care

Most people envision themselves living a long life, investing and planning throughout their working years to create a financially secure future where they can enjoy spending time doing the things they enjoy the most.

As part of your financial planning process, it’s important to understand the potential impact that needing long-term care may have on your assets, your family, and your future.

Financial Impact

The reality is, the longer you live, the greater the likelihood that you may require long-term care.  The costs associated with needing long-term care are significant.  While it can take decades to accumulate the assets you’ll need to retire comfortably, just a few years of paying for long-term care may threaten a lifetime of savings.                                                                                      

                                                                                                                                    Cost of Care Calculator

Emotional and Physical Burden

If you’ve ever been in a care-giving situation, you’ll understand the physical and emotional toll it can take.  While providing care to loved ones is an act of compassion, placing these burdens on spouses, children and other family members can create a significant emotional and physical strain, and is something that many people would like to avoid.

Consequences of Not Having a Plan

Waiting to address your long-term care needs – until the point at which you actually need care – may significantly impact your financial situation, your quality of life, and your ability to maintain your independence.  Incorporating long-term care (LTC) insurance into your financial plan can help protect your assets, reduce the burden of care that would otherwise fall on family members, and enable you to receive care in the setting you most prefer, including your home.

For a free copy of the National Association of Insurance Commissioners (NAIC) Buyer's Guide to Long-Term Care Insurance click here.

                                                                                                                                      Test your knowledge. Take the Long-Term Care Quiz.

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