The Reality
Mark Twain said “If I knew I was going to live this long I would have taken better care of myself.” Americans are living longer than ever before. Many of us, our friends and relatives, will require long term care at some point during this extended lifespan. Long term care includes a variety of services that help people when they are no longer able to care for themselves. The care provided over an extended period of time may be medical or just assistance with everyday activities such as bathing and dressing. With health care costs skyrocketing, planning wisely is essential to securing your financial future. Before the need for long term care arises, you should consider:
The Issues
- Where will the money come from to pay for care?
- How will this affect your family?
- What impact will this have on your retirement?
The Solution
A properly structured long term care insurance policy is essential to sound financial planning. It helps you define and eliminate the financial exposure to future costs of care. Early action combined with available tax advantages can result in a low cost solution to eliminating a substantial risk. The long term care insurance policies available through B & B Insurance Associates, Inc. provide coverage for care received in your home or someone else’s home, in skilled nursing facilities, rehabilitation centers, and assisted living facilities and in the community in adult day care centers. You determine the benefit levels at the time of application. The daily amount, the length of the benefit period, the length of the deductible (elimination period), the extent of the in-home coverage, and the type of inflation protection are options available to everyone.
Planning Ahead Makes A Difference
The US Census Bureau projects that by 2020 there will be 1.7 million Americans needing a long term care facility.
The keys to owning your future are planning early and wisely, knowing your options, and taking action. It is never too early to get the information you need to make an informed decision.