Aging is something everyone needs to think about. At some point in time, about 7 in 10 people 65 and up will need help with basic tasks in the long term. That’s why you need to prepare well in advance. The experts in aging at the Department of Health and Human Services urge people to keep in mind they’re likely to need such services for at least three years.
Four Possibilities
In general, there are four options when it comes to long-term care planning. Government programs can help many Americans and their families pay for the care of an older adult in need. Veterans as well as seniors who are considered low income may qualify for government assistance. Medicare generally does not cover such costs. Medicaid is the program that does, but there are many limitations that may affect your access.
Insurance Policies
Another useful way to lower these costs is by taking out long-term care insurance in Boca Raton. A long-term care insurance company in Boca Raton can help you figure out your options. That includes the current cost of the long-term care insurance in Boca Raton as well as any additional costs you might face in the future. This is a good thing to get once you reach a certain age or even before that time.
Life Insurance
Varied types of life insurance policies are available that can help with paying for your long-term care needs. Many companies offer varied types of insurance. For example, you might take out a policy that combines both life insurance and long-term care insurance. You might choose to opt for a long-term care annuity. This is a policy that grows as you do. When you need to take out money, the funds you get can be applied to your long-term care needs. The fund grows tax-free. That way, you can save money on care and enjoy a tax advantage at the same time.
Your Personal Savings
Another way to pay for care services of this kind is via your own personal individual savings. This has the advantage of immense flexibility. You can choose the kind of care you want when you want it. At the same time, there are many drawbacks. You might not know how much you’ll need to spend. You also might not have enough money in your retirement account to withstand all the expenses you might need to pay. You may also face the prospect of paying for care and exhausting your hard-fought, long-term savings.
Making plans for your own personal long-term care needs can be complicated and highly confusing. Speak with the experts at our long-term care insurance company in Boca Raton today.