November Topic Of The Month: Long Term Care Insurance (LTCI) Month

November is a month for being thankful. At the end of November, we celebrate Thanksgiving with friends and family, often reminding us to think about the value of the most important people in our lives and reminding us why they’re important. We can do this by thinking about our own futures, how they might impact our loved ones, and thinking about the futures of our family members. To do this, you might consider Long Term Care Insurance (LTCI).

Long term care is often necessary when someone experiences a long physical illness, a disability, or suffers from cognitive impairment. The goal of long-term care often differs from medical care because its main purpose is to help one live more comfortably rather than to cure or treat their ailments. To provide a few examples, long term care can include help with activities of daily living, home care, nursing homes, and hospice.

We often plan for retirement, but considerations for potential care requirements often slip our minds until it’s too late. The cost of long-term care, if it hasn’t been properly budgeted for, can make that stage of one’s life stressful and cause undue burden for friends and family. Studies show that 70% of those who reach age 65 are expected to need long term care of some type during their lifetime. Long term care can be expensive, but luckily there is a protection plan available by way of LTCI.

There are, of course, nuances to determining whether LTCI is appropriate for you and your needs. If it does make sense, you will also need to consider what the best coverage options are for you. Your decision to purchase a policy should be made in conversation with your financial advisor. Call Orsinger Investment Group, Inc. at (724)588-9067 if you’re interested in discussing LTCI and whether it is appropriate for your situation.