Consider Long-Term Care to Protect Your Assets


We all know that the costs of a major illness can quickly deplete insurance benefits and consume your savings. Traditional health coverage will not pay for daily, extended care services, and Medicare will cover a short stay in a nursing home, or a limited amount of at-home care, but only under very strict conditions. To help cover potential long-term care expenses, many people choose to buy long-term care insurance.

Policies offer many different coverage options. Since you can't predict what your future long-term care needs will be, you may want to buy a policy with flexible options. Long-term care insurance can help you pay for the care you need, whether you are living at home or in an assisted living facility or nursing home. This insurance may also pay expenses for adult day care, care coordination and other services. Some policies will even help pay costs associated with modifying your home so you can keep living in it safely. There are a number of factors to consider when purchasing a long-term care plan. Policies cost less if purchased when you're younger and in good health. If you're older or have a serious health condition, you may have to pay considerably more or not be able to get coverage. If your income is low and you have few assets, then spending thousands of dollars a year for a long-term care plan might not make sense, and you may even qualify for Medicaid. However, if you have assets that you’d like to preserve, then a long-term care policy could make sense. Note that the benefits paid out through a long-term care policy are generally not taxed as income. Deciding whether long-term care insurance is right for you can take some time and research, but making the effort will be time well spent. At Penny Lane Financial we can help you ask the right questions and find a long-term care plan that works for you.

#longtermcareinsurance #longtermcareinsurance #longtermcareinsuranceTacoma

1804 W Union Ave Suite 202,

Tacoma, WA 98405

All Rights Reserved © 2017 Penny Lane Financial LLC .

Penny Lane Financial NMLS #1905686

Licensed in Washington,

NMLS Consumer Access - click here

EQUAL HOUSING LENDER

 

All written content on this site is for information purposes only. Opinions expressed herein are solely those of Penny Lane Financial and our editorial staff. Material presented is believed to be from reliable sources; however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed in detail with your individual financial professional prior to implementation. Insurance products and services are offered through Penny Lane Financial LLC.