A Long Term Care (LTC) insurance policy offers financial protection against the high costs of care if you become unable to perform daily tasks due to illness or disability. It helps cover assisted living, nursing home, and in-home care expenses, preventing your assets from being depleted to pay for these services. It's a wise consideration for those who want to safeguard their financial future and avoid burdening their loved ones with the cost of care.

Here's why you should consider it: 

High Cost of Care: Long-term care can be incredibly expensive, and many people don't have the savings to cover these costs if they need it.  LTC insurance can help you avoid depleting your retirement savings and forcing you to sell your home to pay for care. 

Protection of Assets: LTC insurance helps protect your assets and inheritance by covering the cost of care, so your savings aren't used up. This ensures your loved ones inherit your estate without the burden of paying for your care. 

Peace of Mind: Having a policy provides peace of mind knowing that your care needs will be met and that you won't have to worry about the financial strain of long-term care. It also allows you and your family to focus on your well-being rather than financial concerns. 

Avoid Burdening Family: Long-term care can be a significant burden on families, especially if they have to take time off work to provide care or if they don't have the financial resources to cover the costs. LTC insurance can help alleviate this burden and allow your family to focus on your care. 

Flexibility in Care Options: LTC insurance allows you to choose the type of care that best suits your needs, whether it's assisted living, a nursing home, or in-home care. It also helps you access a wider range of care options and services, such as care management, medical equipment, and adult day care. 

Potential for Medicaid Assistance: While Medicaid can help with long-term care costs, it's not a guaranteed solution, and eligibility can be challenging. LTC insurance can help cover care costs while you're waiting for Medicaid approval or until your assets are used up. 

Consider Your Personal Circumstances: Your net worth, income, and family history of health problems can influence your decision. If you have a limited net worth, you might consider Medicaid as an alternative. If you have a strong family history of long-term care needs, a policy may be a more prudent choice. 

Timing is Important: The longer you wait to buy a policy, the higher the premiums will be. It's generally recommended to purchase a policy between ages 50 and 65, as most long-term care claims are filed after the age of 70. Give me a call and let me know how I can help you best assess your personal situation. 

Have a great month!

Ryan Janak – Field Agent

832-693-3160 Ryan.Janak@kofc.org