Lake Hill
Insurance Agency
Long Term Care
With the rising costs of nursing homes and elderly care, planning ahead is crucial to protecting your assets and ensuring financial security for your future needs. Long-term care becomes necessary when you are unable to perform daily activities due to chronic illness or disability. This care can range from assistance with daily living activities to more intensive care, depending on your situation. While some individuals may require long-term care for an extended period, others might only need assistance for a few months. By preparing now, you can secure the coverage you need to safeguard your financial well-being and maintain peace of mind for yourself and your family.
Do I Need Long-Term Care Insurance?
Long-term care insurance is an important consideration, particularly if you’re over 65. Generally, Medicare does not cover custodial care, and traditional health insurance rarely pays for long-term care expenses. Medicaid may cover these costs for individuals with limited financial resources, but if you do not qualify for Medicaid and lack the financial means to pay out-of-pocket, long-term care insurance can offer crucial peace of mind.
Here are some factors to consider when deciding if long-term care insurance is right for you:
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Affordability: Ensure you can afford the monthly premiums now and in the future, including potential premium increases.
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Financial Status: If your assets exceed $80,000 and your annual income is at least $35,000, long-term care insurance may be a good fit.
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Age: Most policies are available for individuals between the ages of 40 and 84.
These are general guidelines, not strict rules. Consulting with an insurance agent will help you understand the specifics of your policy options and determine what best meets your needs. We offer long-term care insurance in Plano, Texas, including the Dallas and Fort Worth areas, and throughout the state of Texas.