Know Your Long-Term Care Insurance Options
Studies suggest that almost 70% of those over age 65 will need some type of long-term care for three years, and 20% will need care for more than five years.*
Currently, government programs provide only limited assistance. Medicare pays only for acute care associated with a short-term illness or injury. Medicaid can pay for long-term care if the participant meets the eligibility requirements and understands they may not be able to select the care facility of their choice.
This is why you should consider creating a specific funding plan for the likelihood of a long-term care event. Here are a few insurance options to help you prepare for this expense.
Traditional long-term care insurance
A long-term care insurance (LTCI) policy covers costs that Medicare and other health insurance policies may not cover. Many experts recommend the “sweet spot” age to buy a policy at lower rates is mid-50s.
Life insurance with long-term care payout riders
To cover two potential needs of life or long term care, some universal life
policies offer a long-term care insurance rider. Life insurance with a long-term care payout rider is typically used when an individual’s primary objective is to
leave money to heirs.
Asset-based long-term care
Asset-based long-term care contracts use the structure of either life insurance or annuities to provide long-term care benefits as needed. Asset-based policies are typically purchased with a single sum premium. They provide long-term care benefits and the residual death benefit will be paid to beneficiaries
upon your death.
To learn more about long-term care insurance options best for your circumstances, call the professionals at TFCU Financial Advisors for a complimentary consultation, (405) 737-0006.
TFCU Financial Advisors
6501 Tinker Diagonal, MWC