Long Term Care insurance
Long term care is type of insurance that you can purchase at any age, but we recommend members shop & purchase policies right around their 50th birthday. This product is built to offset or cover the majority of extended medical care costs that come with age. Some of these costs are subject but not limited to nursing homes, in-home care, full-time assistance, respet care, ect.
There are 6 ADLs (activities of daily living) that are considered in respect to when long term care policies can begin paying out a benefit. Depending on the insurance carrier, you must be unable to perform 2 or 3 ADLs, or possibly some specific cognitive functions for policies to trigger benefits. The 6 ADLs are bathing, dressing, transferring, grooming, toileting, and eating.
Long term care is something our office believes to be essential for anyone with assets that they would like to protect & preserve for a spouse or loved one. Feel free to contact Lisa and ask her about her own policy, and let her strategize with you on building yours!