Who Controls your Future?
Who Controls your Future?
Art Glasgow, Peck-Glasgow Insurance
More and more, our clients are discussing their insecurities concerning their future and possible long term care needs. As professional insurance agents concerned with the needs of our clients, we are there to discuss how best to transfer the financial risks associated with a long term medical condition. It is your life and your choice about how you spend your retirement and your retirement dollars. Long Term Care insurance may help you avoid a far more difficult decision.
Without Long Term Care Insurance, you may be forced to exhaust your savings or liquidate your assets to pay for a period of long term care. This type of policy may help you be prepared for the financial realities and help maintain control of some important decisions, such as:
1.) Who would take care of me?
2.) Where can I choose to receive care?
3.) Would I be a burden on my children if my savings couldn’t cover my care?
What is Long Term Care? Whether it’s due to a motorcycle accident or a serious illness, it is the type of care you may need if you couldn’t independently perform the basic activities of daily living like bathing,dressing, using the toilet, transferring from one location to another, continence and eating, or if you suffered severe cognitive impairment from a condition such as Alzheimer’s disease.
It is not just the elderly that are at risk. 40% of people currently receiving long term care are working-age adults 18 to 64 years old. About 70% of individuals over 65 will require some type of long term care services during their lifetime. The coverage can help you with home health care, assisted living facilities, or private nursing homes. Currently, the cost of private nursing homes is $74,208.15 per year and growing.
Other insurance will not pay for long term care expenses. It is better to review your options when you are younger and in good health. Waiting until “you need it” will not work, as you will be unable to get a policy issued. Peck-Glasgow Insurance professionals are available to meet with you and have a conversation about your needs and how we can assist you in meeting your goals in life.