You may be able to self-fund your care costs, but why would you when you can transfer the risk to the insurance company?
Here are 6 main reasons why long-term care insurance is valuable:
1. Dedicated Funds
It’s a dedicated source of funds giving you predictable monthly income to pay for your care. This monthly stream of income will help protect your assets and other income.
2. Efficiency
It’s an efficient way to pay for care because you leverage your money so that each dollar you put into the plan, you’ll get a multiple of dollars back in benefits.
3. Professional Caregivers
It will help protect your loved ones because you’ll be able to hire professionals so your family can be companions and not caregivers.
4. Professional Services
Your family won’t have to figure out how to navigate the situation alone. They’ll have access to case managers, care coordination, and claims specialists to help them.
5. Tax Advantages
It provides tax advantages such as tax free income and possible tax deductions. It also helps you avoid tax consequences of self- funding your care costs if you had to convert assets to income.
6. Stay in Control
A plan helps you stay in control of your care options enabling you to receive quality care where you want it.
The Bottom Line
Long-term care insurance provides valuable protection, resources, and advantages.