Long-Term Care Insurance for Business Owners (Part II)

In Part I of our series, we looked at what long-term care insurance is and what types of services it covers. Now let’s examine some of the reasons you may want to consider a long term care policy for yourself or a family member:

More Options/Better Quality Care: Those who have long-term care insurance feel a greater sense of control over the care they will receive if/when the need arises. When you have a long-term care policy, you have the resources to choose the best quality care for your particular circumstance. Whether it’s in home care, adult day care, or an assisted living facility, long term care insurance gives you greater freedom to choose which type of personal care is best for you.

Asset Protection: Simply put; with a long-term care policy, your hard-earned assets are not at risk of being eaten up on the required care you may need as you age. Your insurance will cover the necessary costs, allowing you to preserve your assets and pass them along to the next generation.

Relieves Financial Burden for Family Members: Should the day come when you need personal care services, your children and other family members will be very glad you have insurance. Having long-term care insurance provides your loved ones peace of mind that if you ever need ongoing personal care, they will not need to shoulder any of the financial burden.

The Importance of Planning Early: If you are considering long-term care insurance, it is important to start planning far ahead of time. The younger and healthier you are when you take out your policy, the less expensive it will be. In addition, there are varying types of long-term care policies, so it is best to have time to find the most affordable policy that covers your specific needs.

Speak with an insurance agent, preferably one with access to multiple carriers, to discuss your options and look for the policy that is best for you.