Too many people wait until they are in the middle of a crisis before they start trying to figure out how the world of long-term care works. This is a topic people do not want to discuss, and it’s a very expensive proposition.
Families can go broke quickly trying to provide for a loved one, and compounding this problem is most do not know the differences between Medicare and Medicaid, and what you must do to qualify. They also don’t know the differences between Home Care, Assisted Living and Nursing Home care; they don’t know what is and is not covered between public and private pay; and, most don’t understand the growing array of long-term care insurance, annuity and life insurance products.
People are warned to plan for the future over the course of their adult life, but we know the reality is too few actually heed the warnings and they don’t secure insurance or financial products that can address their future risks. Fortunately, there are solutions to help many of those people who failed to plan.
There are “point-of-care” financial solutions available to families that can help pay for the costs of care at the time that it is needed. One tool that is becoming more common is exchanging life insurance policy death benefits into a Long-Term Care Benefit Accounts that will pay for the costs of senior retirement living and long term care.
A life insurance policy can still protect your loved ones while you are alive. You bought it to protect them in case you died—but it’s important to realize the same policy can protect your family from certain tragedies brought on by insufficient financial means and/or the need for long-term care: