Long-term care insurance covers us if we need assistance with daily living later in our lives or after an accident or major illness. This kind of care can be extremely expensive, and unfortunately has devastated many families financially. In most cases, a family member helps with this kind of care, but they are unpaid, and untrained to provide the best critical care. It can place a heavy burden, both financially and psychologically, on the caregiver, and strains many families.
Age is not a determining factor in needing long-term care. About 70 percent of individuals over age 65 will require at least some type of long-term care services during their lifetime.
Long-term care insurance rates are determined by several key factors: the person’s age, the daily (or monthly) benefit, how long the benefits pay, the elimination period, inflation protection, and the health rating (preferred, standard, sub-standard).
Planning as we age requires consideration of many aspects of your financial plan. We’re here to help investors of all ages configure a plan that’s right for your retirement comfort and lifestyle expectations. BF Insurance Agency offers various plans to help you find the perfect one for you.
- Do I have enough to self-insure?
- How do I analyze that possibility?
- What level of care should I be planning for?
- In-home, assisted living, nursing home?
- Would I seek care in my current area or in another part of the country?
- Am I insurable and what is my likely insurance rating?
