Long Term Care Insurance
Long-Term Care Insurance Details:
The younger you are when you purchase LTC insurance, the more you’ll save
75% of people who have purchased long-term care insurance use it
New hybrid products guarantee long-term care benefit payouts, or a tax-free, lump-sum death benefit
Covers custodial care, at-home care, adult daycare, assisted living facilities or a nursing home
Protect Yourself from the High Costs of Long-Term Care
According to the Department of Health and Human Services, long-term care is a when, not an if, for 70% of Americans. Unfortunately, many people don’t realize they need long-term care insurance until it is too late to get it.
Long-term care insurance, also known as “LTCI,” provides coverage for people who need help with their Activities of Daily Living (ADL) for an extended time. This can be due to chronic illness, various disabilities, or physical and mental decline.
There are only a few options when it comes to paying for long-term care. The most common is paying out of pocket. This can be tremendously expensive. For example, in Connecticut, long-term care can cost between $4,000 and $14,000 per month depending on the level of required care. The other payment option is to purchase long-term care insurance that will help cover the immense costs of long-term care.
Far too often, people are caught off-guard by the cost of long-term care. By thinking ahead and exploring your options now, you’ll be able to protect your retirement income and secure peace of mind for your loved ones in the years ahead. Request a free consultation with Cowen Tax Advisory Group to learn more.
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