Long-Term Care Insurance

Income and asset preservation are important components of a sound retirement strategy. Effective disability and long-term care planning, both pre- and post- retirement, is a critical part of a successful financial plan, helping to ensure stability, growth, and preservation of income and assets for the long term.

Long-Term Care Insurance

A person who requires help with his or her usual Activies of Daily Living (ADLs) — eating, dressing, bathing, toileting, maintaining continence, and transferring to & from a bed or chair, for at least 90 days in a row — is referred to as Chronically Ill. When a person needs physical help or verbal reminders to do his or her ADLs, they are generally classified as needing Long-Term Care, whether they need help occasionally or full-time.

Diagnostic, therapeutic, preventive, and rehabilitative services all have their place in a comprehensive long-term care program. The primary focus of long-term care however, is on the personal care and support that will protect a person’s lifestyle, daily independence, and dignity.

It can be difficult to plan for long-term care needs because there are multiple factors influencing the decision making process, including:

  • Ambivalence about long-term living arrangements as physical capabilities decline.
  • Inability or unwillingness of family members to provide periodic or ongoing support when the time comes.
  • Misinformation about long-term care options or services available through health programs, Medicare, etc.
  • Difficulty in juggling financial and family priorities when planning for long-term care.

The financial implications of a disability, chronic disease, or other debilitating condition are often underestimated. Along with health care costs in general, experts expect these costs to grow exponentially in the coming years. Most health insurance will not pay for most of the costs associated with an extended period of illness or injury. Long-term care insurance offers a tax-free benefits solution for safeguarding valuable assets that would otherwise be severely reduced or lost entirely.

For more information about our Long-Term Care services, please click here or visit www.icsltc.com.