By Kim Bova
The current pandemic has made many people question if they need long-term care insurance. What does it cover? How do you know if you’ll need it? When should you purchase it? How does it fit into your overall financial planning?
If you are disabled, have a chronic medical condition or disorder such as Alzheimer’s disease you will need care. A long-term care insurance policy helps by reimbursing you the costs of the care provided in an adult day care center, in your home, an assisted living facility or in a nursing home. Long-term care coverage will give you the widest range of care options.
Not everyone will require nursing home care but it’s very likely you’ll eventually need some help taking care of yourself later in life. Long-term care coverage includes services like assistance with getting in and out of bed, bathing, dressing, and routine activities that aren’t covered by regular health insurance or Medicare.
Purchasing long-term care insurance is not a decision that can wait indefinitely. Most people that have long-term care insurance purchase it in their mid-50s to mid-60s. Once you have a debilitating condition you won’t qualify for the policy--waiting until you need care is not an option.
In addition to protecting your savings there are tax benefits associated with purchasing long-term care insurance. Talk to an experienced agent who can give you the options from at least three carriers.
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Kim Bova is a Ridgefield-based licensed broker agent in Connecticut