Thinking of Paul McCartney's song, "When I'm 64" seems laughable. I mean, 64 is when the party is just getting started for most of us!! Retirement is coming soon, the ability to enjoy the money you have worked for through the years, it’s a good time!
The last thing you are thinking about is the need for someone to take care of you when you are old, sick and frail. But, when that day does come, what does YOUR plan look like?
Long-term care. What is it? Will I need it? First, it is the routine activities people do every day without assistance (eating, bathing, dressing, using the toilet, etc). The industry has changed as the baby boomers started reaching their golden years. 70% of people age 65 years old are expected to need some form of long-term care in their lifetime. This is care that is not covered by Medicare or Health insurance. Care can be anything from a nurse coming to your home a few times a week, to living in a nursing home.
That level of care gets expensive. Here are your options: 1) live with family and let them take care of you, 2) use your retirement accounts and any other assets to pay for the care or 3) a long-term care policy.
Now long-term care policies have changed drastically over the last several years.
According to the site www.longtermcare.gov, this is how the policies work in general: Long-term care insurance policies reimburse policyholders a daily amount (up to a pre-selected limit) for services to assist them with activities of daily living. You can select a range of care options and benefits that allow you to get the services you need, where you need them.
The key word in that paragraph was "reimburse". So it is incumbent on the patient to produce receipts to collect on their benefit. And those policies are created "a la carte". That would require you to know NOW, what types of services you think you will need in 20 or 30 years.
There is a BETTER option. Contact me to find out more. Sadams@afgfl.com
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Guardian or any of its subsidiaries offer Long Term Care Insurance