Long Term Care
|What is Long Term Care planning?||Why do you need Long Term Care planning?|
You may require this care for a long time after a medical condition, injury or accident has been treated and you have been released from a doctor’s care. This care is not paid for through health insurance. Without a plan, the expense of this care can have devastating consequences on your family and can easily wipe out your retirement savings.
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No one wants to think about needing long term care. Yet, the chances of needing it are 4 – 6 times greater than your house burning down. Doesn’t it make sense to put a plan in place since this is not covered by health insurance? Otherwise, what will be the consequences to your family and your finances?
Health insurance, even Medicare, does not cover long term care services. If you do not have a plan in place, you may not get the care you want and prefer. Having a policy in place can make sure that the funds you need for care are available when you need them, without having to liquidate assets or use retirement savings. You cannot guarantee the value of your retirement savings in the future. However, you can count on long term care funds to be there when you need them.