Long term care insurance can be a lifesaver.
As all of us who reside in California know it can be pretty expensive to live here, but what happens if you become disabled and need long-term care? Who pays the bills? Who takes care of you if you need in-home assistance? If you had to stay in a 24-hour care nursing facility, your cost (or your family’s) could be up to $8,000 or more a month. Most people cannot afford this kind of hit to their budgets and it could deplete their savings in short order.
The financial and emotional burden can be difficult in dealing with illness and other incapacity for extended periods of time. Will an accident or ailment ever cause such a catastrophic situation to arise for you or your loved ones? According to insurance industry reports (2008 Field Guide, National Underwriter, 2008), there’s a 50-50 chance that we’ll need long-term care at some point in our lives. And, as we live longer these days, the costs could mount to hundreds of thousands of dollars.
The odds of us needing long-term assistance could be far greater than if our homes became damaged by fire or if we had a car accident, both of which we insure against. So, why wouldn’t we cover our needs for long-term care, which costs to us could be far more significant over time?
Long-term care coverage is available to help with everything from part-time, in-home assistance to full-time nursing facilities. Long-term care insurance could be literally a lifesaver, but it also brings with it the benefit of knowing you have planned for yourself and your family’s needs. Financial Freedom Wealth Management Services can guide you through to select the coverage that meets your specific goals and needs.
*All Insurance guarantees are based on the claims-paying ability of the issuing insurance company.
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