What is Long Term Care Insurance?
Long term care refers to a range of services designed to help someone perform day-to-day activities that he or she can no longer perform alone. Long term care can be a home help service, or a full-time caregiver. Equally, it could also mean going to a nursing home or hospice. It might be temporary, or it may last until the end of your life. Some people also require long term care following an accident or illness. It is more common to require long term care in your later years, but it can happen to anyone at any time, so we urge everyone to consider the possibility.
There is a whole range of types of long term care, many of which do not entail leaving your home and going to a nursing home. The way to ensure that you have the lifestyle and care that you need in your later years is to consider now how you will fund it.
Funding Long Term Care in St Charles
Some people choose to rely on family members or their children for long term care. For many others, this is undesirable or impossible, in which case they need to fund long term care themselves. We can help you evaluate your options, including:
- Acquired equity
- Property sale
- Other assets
- Long term care insurance
- 401K rollover
- IRA rollover
When to Purchase Long Term Care Insurance
At the Ryan Braden Insurance Agency, we recommend that you make plans about how you will fund long term care as soon as possible. This is the best way to make sure that you are on the correct trajectory to the lifestyle that you want to lead in your later years. It might seem like it is in the distant future, but we know from experience that your later years are more pleasurable if you planned it and prepared for it.
By thinking about it now, and contacting our expert advisors, you can make the most of the various solutions available. When it comes to long term health care insurance, there are three primary options. These are a whole life insurance plan, a fixed annuity plan with long term care benefits, or a long term care insurance policy.
A Whole Life Insurance Plan
– This kind of long-term health care insurance plan is attractive to some people because it allows the holder to draw money from it and use it for long term care. For this reason, it is also known as a hybrid policy. Premiums are fixed, and if the policy holder does not need long term care, the money that accumulates will go to a chosen beneficiary, or he or she can reinvest it.
A Fixed Annuity Plan with Long Term Care Benefits
– With this plan, you will be able to use the value of the policy to cover the first few years of long-term care. If you require care beyond the coverage, it is possible to take out additional coverage.
Long Term Care Insurance Policy
– This is a more traditional solution. Some people will find this more cost-effective than a whole life insurance plan or a fixed annuity plan with long term care benefits, depending on personal circumstances and risk factors.
Note that taking care of your plans regarding long term care and how you will fund it does not only provide you with peace of mind. but also helps family members, friends, and others avoid the potential financial burden of your long term care. Taking out long term care insurance or arranging another solution for your later years helps ensure that you can spend quality time with your loved ones, rather than having to endure financial difficulty.
How to Start with Long Term Care Insurance in St. Charles
If you are in St. Charles, please contact the Ryan Braden Insurance Agency
to talk about what we can do for you. We have a talented team that offers specialized long term care insurance. We believe in building relationships, and it starts by listening to your needs. To tell us about your situation, your hopes, and your needs, please give us a call at (815)739-2740.
We look forward to answering your questions clearly and concisely, and we are ready to provide you with a quote. You can expect our representatives to be polite, respectful, and courteous, and we are committed to helping you find the best coverage for your needs.