Long-Term Care Insurance

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Long-term care insurance is an insurance product that helps the insured mitigate the risk of having to self-fund nursing care and other support services. 

For many years nursing care costs were increasing annually at a reasonable rate; 3-5%. That has changed recently due to several factors and is predicted to continue to accelerate. There are increasing limitations to accessing quality care which are also predicted to get worse in the coming years. Relying on family, in particular children, to be primary caregivers is becoming rarer. Professional care in a variety of settings is the norm. 

The increasing cost for care can make it difficult to decide the most appropriate option. Tightening of government options to fund care is making self-reliance more important in accessing quality care. For this reason, many people choose to shift their risk of long-term care costs to an insurance company - through a long-term care insurance policy. 

Common long-term care planning issues to consider are legal, logistical, and financial.  Have the proper legal steps been taken and if so, are they up to date. Trusts, power of attorney, titling of assets, wills and more. Where is the desired location for care should you need it? Who will advocate for you if you are unable to make decisions? At what point should care be sought? How will care be paid for if professional assistance is required? Assets to liquidate, property to sell, income resources, legacy goals, spousal considerations, utilization insurance and more need to be considered given the current and escalating cost of care. 

Needing assistance due to a physical limitation or cognitive decline is an easy topic to dismiss. No one wants to visualize themselves in that situation, so we naturally procrastinate. Unfortunately, the reality is that most of us at some point in our lifetime will either be a care giver, care receiver or both. 

Planning for long-term care is becoming increasingly important for not only ourselves and our loved ones, but also our clients. 

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