Long term care insurance can be part of an estate plan
Nobody wants to think about what will happen to them as they age. This can include anything from needing specialized care to passing on. As difficult as it may be to handle these types of conversations, it is something responsible adults must do.
It is good to know that there are many steps you can take now to avoid financial trouble in the future. For example, long term care insurance should be part of your estate plan. With this, you don’t have to worry about how you will pay for care, such as in a nursing home, if you become ill or injured.
But doesn’t my health insurance cover this? Many people are under the impression that health insurance and Medicare will kick in to pay for long term care. Unfortunately, this is not true. If you require this type of attention, you will have to pay for it out of pocket, unless you have long term care insurance, of course.
The cost of receiving prolonged care can quickly add up. If you don’t have the right insurance policy, it won’t be long before you are turning to your personal savings or the help of your family. Is that a risk you want to take?
Long term care insurance can be a big part of a comprehensive estate plan. You may not have this coverage in place right now, but it can be added in the future. If nothing else, you want to learn as much as you can about this type of policy, as you never know if you will need it.
Source: T. Rowe Price, “Long-Term Care Insurance,” accessed Jan. 26, 2016