It's important to help protect your loved ones from financial, physical and emotional burdens if you should require long-term care.
Long-term care is the assistance or supervision you may need when you are not able to do some of the basic activities of daily living like bathing, dressing, or moving from a bed to a chair. You may need assistance if you suffer from an injury like a broken hip, an illness or a stroke. Others may need help because of mental deterioration called severe cognitive impairment that can be caused by Alzheimer’s disease, other mental illness or brain disorders.
|Funding Long-term Care|
|Some options for funding long-term care include self-funding, government programs and long-term care insurance.|
|Self-funding||Self-funding is paying for long-term care costs out of pocket with personal or family money, savings, pension benefits, stocks, bonds and other investments.||Pros: Flexibility in choosing care providers
Cons: Could jeopardize goals and may be costly
|Family||Your family or loved ones provide care and may need to contribute financially.||Pros: Care provided by those you know and trust
Cons: May not be skilled at providing care. Caregiver may have to decrease work or shift priorities.
|Government programs||These programs, such as Medicare and Medicaid, can help pay for some long-term care expenses in certain cases, but they generally do not pay for care at home.||Pros: Care possibly paid by government
Cons: Limited or no coverage
|Long-term care insurance||This insurance is designed to provide coverage for extended care. Ordinary health insurance and medical expense policies do not pay for long-term care expenses.||Pros: Transfer some or all of the risk. May prevent depletion of personal funds.
Cons: May never use coverage
Knowing what the benefits of long-term care insurance might be can help you determine whether it’s right for you and your family. These benefits include:
Talk with a financial advisor to evaluate appropriate strategies for yourself and your loved ones.
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