In our previous blog, we talked about Alzheimer’s disease, including its medical prognosis, why planning is critical, the cost of care and who pays for it. If you have met with your financial advisor, as recommended, then you may have looked at several options. One such option is long-term care insurance.
Long-term care insurance is designed to cover long-term services and supports, including personal and custodial care in your home or a community organization, or other facility.
Long-term care insurance policies reimburse policyholders a limited daily amount for daily living services such as bathing, dressing, or eating. You can select a range of care options and benefits as per your needs. Most policies sold today are comprehensive. They typically allow you to use your daily benefit in a variety of settings, including:
In the home setting, comprehensive policies generally cover these services:
Generally, when a person has Alzheimer’s disease, it is too late for families to buy it. Preserving Medicaid’s long-term care safety net is thus essential. However, it is not the only solution to meeting long-term care needs. Recent changes in tax law have allowed for the deduction of long-term care expenses and help families who purchase long-term care insurance.
Long-term care insurance can be directly purchased from an insurance agent, a financial planner, or a broker. Some important points to consider:
If you are looking for a more holistic view of your finances and long-term needs, you may want to consider engaging a financial planner for purchasing your insurance plan from Munn & Morris Financial Advisors. Here are 9 reasons why a CFP is a good decision:
Munn & Morris Financial Advisors can help you with all your long-term care planning needs. Contact us today to schedule an appointment.d use a proactive approach designed to take action during market volatility.