Your savings could be an option to pay for long-term care. However, at a cost of $5,000 plus each month, how long will your savings pay for your long-term care?
With children, government, and savings frequently not being viable options to pay for long-term care, many wonder how they should go about ensuring their needs get met when the time comes. Many financial experts are recommending long-term care coverage be purchased.
A long-term care policy can provide the money to help you pay for long-term care services when the time comes. Knowing this funding is there if you need it will ensure you that you’ll receive the appropriate care; not burden family members with the financial, physical, and emotional burden of being a caregiver; preserve your estate for your heirs; and possibly be able to remain in your own home for care. Additionally, you’ll feel more comfortable using your retirement savings for the things you’ve been looking forward to doing for so long.
Keep in mind that the older you become, the more difficult and expensive it is to obtain a long-term care policy. Ignoring or procrastinating when it comes to such a vital coverage can not only wreck your finances and leave you without the care you need, but also ruin any chance of leaving your heirs an inheritance from your estate.