“Long-Term Care Insurance Provides the Income for Your Care”

While it’s possible you may not need extended care, you must plan for the possibility of needing care. Your plan should have two components. The first component is to preserve your family members’ emotional and physical wellbeing by allowing them to hire professionals to provide your care. The second component is to preserve your retirement portfolio.

Long-term care insurance can be an effective solution to funding a plan. Implemented correctly, the proper insurance provides a stream of income that pays for professionals to help keep you at home. The income provided by long-term care allows your family to supervise rather than provide care, therefore helping to protect their emotional and physical wellbeing. Since care is now paid for, there is no need to reallocate your income, which means it remains in place to pay for the financial commitments you have taken into retirement. Perhaps just as important, your investment portfolio remains intact, which (A) allows your tax plan to execute properly, and (B) preserves the estate for the surviving spouse and/or children. The value of long-term care insurance is it its ability to protect the emotional, physical, and financial wellbeing of your family should you ever become frail and need care over a period of years.

I would like to thank Harley Gordon and his staff at http://www.ltc-cltc.com/ for providing a great deal of the information for this essay. If you want to learn more about extended care planning, go to my website, www.TheDeGeorgeAgency.com, and let’s get a conversation started about how I can help you. You can also become a subscriber to my blog (http://www.degeorgeagency.blogspot.com/). The DeGeorge Agency is a “Family Helping Families.”