If you’re like most people, you don’t like the thought that you might need long-term care (LTC) at some point in your life. Today, there’s a 70% chance that you’ll be needing some type of LTC service when you turn age 65.¹ However, LTC is not just about you, it’s also about your family. Long-term care insurance (LTCI) policies, you pay for all types of home or facility care that generally wouldn’t be covered by Medicare. This money would otherwise have to come out of your savings or become the responsibility of your family. Here are more reasons why you should consider planning for LTC:

 

• Choice of care. There’s a great deal of choice and flexibility when it comes to LTCI. You and your family will have the ability to select a range of care options and benefits that may provide you services that suit your situation best.
• Alleviate emotional impact. Study shows 84% of caregivers cited emotional burden as the most difficult aspect of providing LTC.² Without a policy and a plan in place, the responsibilities will fall on your family and can impact not only their finances, but also their emotional health.
• Lifestyle preservation. Today, people are living longer, making longevity a retirement risk factor. This can create a blind spot when it comes to planning for retirement due to the rise in living costs and healthcare expenses that many tend to overlook. With the high chance that you might require LTC, this could dramatically affect the lifestyle of your spouse and/or family without proper coverage.

 

Avoid becoming a burden to your loved ones when the time does come. Be prepared for care planning needs and give them peace of mind with an LTCI policy.

 

 

Securities offered through SCF Securities,Inc. Member FINRA/SIPC 155 E. Shaw Ave. Suite 102, Fresno, CA 93710 • (800) 955-2517 •Fax (559) 456- 6109. SCF Securities, Inc. and Creative Financial Strategies LLC are independently owned and operated. www.scfsecurities.com Note: Securities offered through SCF Securities Inc., Investment Advisory Services offered through SCF Investment Advisors, Inc.This document is for educational purposes only and should not be construed as legal or tax advice. One should consult a legal or tax professional regarding their own personal situation. Any comments regarding safe and secure investments and guaranteed income streams refer only to fixed insurance products offered by an insurance company. They do not refer in any way to securities or investment advisory products Insurance policy applications, inclusive of Long-Term Care, are vetted through an underwriting process set forth by the issuing insurance company. Some applications may not be accepted based upon adverse underwriting results.  Benefit payouts are based upon the claims paying ability of the issuing insurance company. The firm providing this document is not affiliated with the Social Security Administration or any other government entity.

¹ https://longtermcare.acl.gov/the-basics/how-much-care-will-you-need.html

² https://www.investopedia.com/insurance/longterm-care-planning-its-about-family/