Is Long-Term Care Insurance Offered Through My Employer?
Not at this time.
Why Should I Plan To Pay For LTC?
Planning now can help you and your loved ones in many ways
if you should require LTC in the future. For example, you
will likely have more care options if you plan on how to
pay for care. Other ways you and your family will benefit
from your ability to pay for LTC may include the
reasons shown below.
·
You may prefer getting care at home and other less
restrictive settings.
·You can protect finances and preserve assets for other uses.
·Family members may better maintain emotional and financial
quality of life.
LTC planning
does not necessarily take the place of having family members
care for their loved
ones. It helps ensure that individuals and their families
have other choices.
What Other Financing Options Are Available If I Don’t Have
LTC
Insurance?
Depending on your situation, a variety of other financing
methods may be both available
and appropriate. Each option briefly detailed below includes
a general description of a
person who may want to consider it. These financing methods
require some form of equity and each
has potential for benefits as well as drawbacks.
·A
reverse mortgage is a special loan based on the
equity of a home. Reverse
mortgages are available from a variety of lenders and may be
appropriate for people with poor health because no health
screening is needed.
·
An accelerated death benefit in a life insurance policy
pays the benefit in
advance to a person who qualifies. People may become
eligible for this benefit due to poor
health.
·
A life insurance settlement can be appropriate for
older people who may no longer need life
insurance.
