Knowing how much to buy depends on how much care you can pay for personally, how much help your family can give, and how much you can afford for a premium payment.

Self-Funded Care

If you hope to pass on the majority of your estate to your heirs, you will not want to count on self-funding your long-term care, should you need it. Purchasing long-term care insurance helps protect the value of your estate by providing an alternate source of funding for your care.

Additionally, long-term care insurance helps you preserve your retirement nest egg. You've worked hard to save for your retirement and it would be difficult to see your life's savings depleted by the cost of long-term care.

Counting on Your Family

Being a primary care giver is a huge responsibility. Can you count on a family member to care for you on a full-time basis? This responsibility may require someone to leave the workforce to provide care, creating another financial consideration.

Even if your family is willing to provide your long-term care, they may not have the medical expertise needed. Then you would still need to seek professional assistance and cover the costs.

Affording Premiums

Many policies will allow you to choose the maximum benefit amount provided for extended home health care or nursing home stays. Choosing a lesser benefit amount will decrease the premium.

You should know, however, that choosing a lesser benefit amount exposes you to risk. Should you need care above and beyond the benefit provided by your policy, you need to self-fund the difference. Even if you are able to self-fund the difference, the care choices available to you may be limited by your financial resources.

Contact us to discuss your needs for financial protection today!