To follow up my previous post, I must address what long term care insurance can do besides the Florida long term care policy partnership program.
Long Term Care Insurance Benefit #1: You are not going to be neglected.
Long term care insurance is a great way to make sure you are cared for when you are older without having to rely on family members and friends. Long term care insurance is especially important for those folks that do not have children I can take care of them whether the children are out of town, unreliable, or the couple is childless. If you live and retire in Jacksonville, Florida, your adult children and grandchildren might not live near you. Do you want one of your children to leave their established city to take care of you? What if you have multiple children? In some instances that I have seen (believe me you see everything as an elder law attorney) one child caretaker take their parent’s assets to the exclusion of the other children. That causes fights.
Long Term Care Insurance Benefit #2: Long term care policy covers the high costs of care.
When you have a long term care insurance policy, the insurance provider will directly pay for the cost of your care when are you are unable to take care of yourself to the caregiver while preserving your other assets. You lose a lot of liquidity to pay for your non-care expenses such as home upkeep and to maintain you or your spouse’s retired lifestyle when you are paying for the high cost of long term care in Jacksonville, Florida. You can trigger the benefit when you not to be able to take care of yourself when you need help performing daily activities such as cooking, dressing, and bathing. At that point, you will not have the burden of these extra costs.
Long Term Care Insurance Benefit #3: Long term care insurance can keep you at home.
With a good long term care insurance policy in place, you may be able to continue with your retirement at your home if you so choose. If it is possible that you do not require 24/7 care, long term care insurance pays for in-home caregivers and some policies will pay for family caregivers.
If you are interested in long term care insurance or other options to provide you with long term care, contact my office in Jacksonville, Florida for assistance with long term care planning. I am not licensed to help you select a long term care insurance policy, but I can assist you in choosing a professional to work with in selecting the policy. If this article is helpful please share it with others!