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Financial Services
For those seeking to steward their God-given resources well, long-term care insurance (LTCI) is an incredibly important consideration. LTCI is financial coverage for adults with long-term or chronic disabling conditions that need constant care, whether that is in their home or in a facility.
The majority of LTCI policies include nursing home care or home health care, such as skilled nursing, occupational, physical, and speech therapy, as well as help with activities such as dressing and bathing. LTCI also may include homemaker services, respite care, Alzheimer’s special care facilities, adult or personal day care, and other services geared towards assisting those who need ongoing supervision. Some LTCI policies – but not all – cover short-term hospice care.
LTCI is worth considering for many reasons, not the least of which is because LTCI can provide your family with more options and better flexibility than other public assistance programs like Medicaid. For instance, Medicaid doesn’t always cover the cost of in-home care or assisted living, whereas LTCI does, according to your policy’s benefit maximum. Another reason to explore purchasing LTCI insurance is that, for some policies, if the funds are not exhausted upon your passing, remaining funds can go to benefit your beneficiaries.
Having LTCI coverage can be a source of incredible peace of mind for your family members who may not be able to assist you around the clock. Peace of mind itself is an invaluable byproduct of investing in LTCI insurance. Because long-term care needs often arise unexpectedly, you may not be financially prepared. Knowing that you have coverage for your future – regardless of what it may hold – can be a gift to yourself and to the ones who love you most. Your spouse, children, and extended family will surely appreciate the peace and assurance that you will be well cared for in the event of an accident or a chronic diagnosis and that the financial burden of around-the-clock care will not fall to them.
Planning financially for your future, now, gives you time to explore the most cost-effective and financially beneficial LTCI plans, and it also eliminates worries that your loved ones may have about your future care. Ambassador Advisors can help you create a financial and estate plan that includes these critical considerations. Reach out to our professional team today!
Any opinions expressed in this forum are not the opinion or view of American Portfolios Financial Services, Inc. (APFS) or American Portfolios Advisors, Inc.(APA) and have not been reviewed by the firm for completeness or accuracy. These opinions are subject to change at any time without notice. Any comments or postings are provided for informational purposes only and do not constitute an offer or a recommendation to buy or sell securities or other financial instruments. Readers should conduct their own review and exercise judgment prior to investing. Investments are not guaranteed, involve risk and may result in a loss of principal. Past performance does not guarantee future results. Investments are not suitable for all types of investors. To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purposes of avoiding penalties that may be imposed by law. Each tax payer should seek tax, legal or accounting advice from a tax professional based on his/her individual circumstances.
This material is for informational purposes only. Neither APFS nor its Representatives provide tax, legal or accounting advice. Please consult your own tax, legal or accounting professional before making any decisions. Information has been obtained from sources believed to be reliable and are subject to change without notification. The information presented is provided for informational purposes only and not to be construed as a recommendation or solicitation. Investors must make their own determination as to the appropriateness of an investment or strategy based on their specific investment objectives, financial status and risk tolerance. Past performance is not an indication of future results. Investments involve risk and the possible loss of principal.