If you are age 50 or older, you may be concerned about adequately funding assisted-living expenses you may incur in the future. Most medical plans do not provide financial assistance for long-term care services, so where can you turn?
A long-term care insurance policy can help to pay for the cost of home care services and residential living centers. Consider this: you may pay upwards of $50,000 per year for home health services and approximately $90,000 per year if you move to a nursing home. If you weigh what you pay in premium against what you could pay out of pocket, this policy is a smart financial tool. You also may be able to claim some deductions on your taxes if you purchase a long-term care policy.
There are a wide variety of options to choose from, so consult with your agent today to discuss.