Discussing signs of aging or declining health can be a difficult but important conversation to have with a loved one - discussing long-term care insurance could be the most loving and important financial conversation you will ever have.
Whether the result of illness, injury, Alzheimer’s or other cognitive impairment, or just the normal frailties that come with aging, 70% of us will come to rely on someone else to help with daily activities of living at some point in our lives. 50% of us will become caretakers for those loved ones that end up needing care, and no matter which socio-economic class you’re in, long-term care can have a devastating effect on your health, lifestyle, and finances.
You, your parent, or someone you love may come to require care either temporarily or on a permanent basis at some point. Whether this can take place in your home or in a residential facility will depend on the resources available to you at that time. Contrary to what many believe, the government does not provide sustainable long-term care services through Medicare or Medicade.
Cavalry helps clients prepare their family and finances for just such a day through planning and long-term care insurance. Our clients appreciate the peace of mind in knowing that they will have options when the day comes that they activate their care plan and that their lifestyle expectations and their family’s livelihoods can be maintained because there is sufficient cash flow available to them and their caretaker during periods when they would otherwise have to absorb the financial costs associated with caregiving.
Ask your advisor how LTC planning can help you secure your retirement.
Who Needs Long-Term Care?
It is difficult to predict what sort of long-term care an individual might need or for how long care may be required. Several factors increase the risk of needing long-term care.
- Age the risk of a care need generally increases as people grow older, today many of us are are living well into our 90s.
- Gender Women are at higher risk than men, primarily because they often live longer or have been a care provider for another.
- Marital status Single people are more likely than married people to wish care from a paid provider.
- Lifestyle Poor diet and exercise habits can increase an individual’s risk.
- Health and medical history these factors also affect risk and can make it tougher to aquire coverage.
- Profession career path can increase an individual’s risk, particularly physically demanding fields such as oil field service, Military, Police & Fire, or professional athlete.
You don’t know if you’ll ever need long-term care, many decline to prepare because they don’t believe they will ever require the type of assistance a long-term care event requires. Maybe you’ll never need it. But the reality is that more than 70 percent of people do end up requiring some form of long-term care, whether from age, an unexpected accident, illness, or injury any number of things can change your needs, sometimes suddenly, and with significant impact. The simplest and best time to prepare for long-term care need is before you need it.
Planning for the likelihood of long-term care gives you time to find out about services in your community and what they cost. It also allows you to form important decisions while you’re still able.
Policies & Coverage
As an independent insurance provider, Cavalry offers state partnership plans, stand-alone long-term policies (cover home health, assisted living, and nursing homes), and hybrid life and long-term care insurance policies.
Available policy types, optional riders, and applicable discounts will vary depending on the carrier and the policyholder’s health status, but will typically include the above-mentioned coverages as well as group products and tax-qualified plans, riders like inflation protection and return of premium, and discounts for spouses and household members.