We also really want to be able to protect the retirement of our loved ones. If you need care and have a spouse, will your spouse have enough funds to live out the rest of their life in retirement? What about your kids? If they have to give up time providing care, are they having to reduce hours at work or quit their job to provide care for you? Most people don’t want their adult kids to provide care because they don’t want to be a burden to them.
Having a policy helps protect their time and retirement. Many LTC insurance policies have “other benefits” such as care coordination, caregiver training, home modifications, respite care, bed reservations, and coverage for Instrumental Activities of Daily Living (IADLs). These are things like meal prep and light housework. While you’re receiving care, a caregiver can also do some of these things, which are of enormous value to your family.
Another perk from a LTC insurance policy is that it provides tax-free income, so you don’t have to worry about converting assets to income, and incur tax consequences. It provides a designated bucket of money for your care.
The Bottom Line
A LTC insurance policy protects your family and finances by protecting time, retirement, relationships, and health. If you haven’t researched your LTC insurance options and would like some help, we’re here when you’re ready.