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Long-term care insurance is a great way to protect yourself as you age. Here’s what you should know about this care coverage.
According to the U.S. Health and Human Services Department, approximately 70% of people turning 65 will eventually require some form of long-term care (LTC) services. Despite this, only a small percent of Americans financially prepare by purchasing long-term care insurance. As with all insurance policies, you should weigh out your options when it comes to selecting the best care coverage. Royal Oak Financial Group takes a closer look at the pros and cons of long-term care insurance policies to help you make the most sensible financial decision.
LTC insurance plans typically take effect when a policyholder cannot do at least 2 out of 6 activities of daily living alone. These activities include:
Ultimately, it is in your best interest to purchase a long-term care insurance policy. However, you should still do your research and understand any implications related to care coverage.
As we age and transition into retirement, we are at higher risk of disability, and more economic challenges present themselves. Royal Oak Financial Group helps our clients better understand financial matters related to estate planning and its components, which include long-term care insurance. To begin planning for your future, get in contact with one of our financial advisors.