Plan ahead for health concerns with long-term care insurance
Imagine saving throughout your entire life, only to have your whole savings wiped out in a short period of time because of a catastrophic health situation. You or a loved one may end up in a situation where long-term care is needed - would you be prepared?
Very few people have coverage for this need, but it is estimated that more than 70 percent of all people will need some form of care in their lifetime.
Whether you like it or not, the quality of this care that you receive and where you receive it is directly related to one thing: money. In Iowa, the cost of long-term care is somewhere between $30,000 and $60,000 per year. The nationwide average, by comparison, is around $92,000.
That cost can be much higher, however, depending on what care is necessary and whether you prefer long-term care in the comfort of your home, or away from home in a strange environment.
The cost of long-term care, as well as the stresses of trying to deal with your loved one’s health situation, can take an enormous toll. Instead of being able to spend quality time with your loved one, you are stressed and simply trying to do what must be done to care for them.
There is a way to avoid this. Coverage is not expensive - not having long-term care insurance is what becomes expensive. With every client, we strongly recommend anticipating a scenario where you or a loved one will need long-term care, and planning for it while you can - before the need arises. Choose long-term care insurance. Do it for yourself, for your spouse, and for your children.
Blackburn Financial: We can help you prepare
At Financial Strategies, we are glad to talk with you about your available options. We work with clients of all ages - not just those of retirement age. You are never too young or old to take care of the need for long-term care insurance, for yourself or for your loved ones.
Come see us and let us help you take charge of this situation, removing the worry of dealing with long-term care before you find yourself in a situation where it is needed.