LTCI is a complex product, and family caregivers are often unaware of the specifics of a senior’s policy. Use this checklist to learn about coverage and the information needed to file a claim for benefits.
Long-term care insurance (LTCI) is one option for ensuring that you will be able to afford long-term care should you need it. This kind of product provides coverage for types of care that Medicare, Medicaid, and traditional health insurance do not.
Long-term care insurance can be a sound investment, potentially saving you and your loved ones thousands of dollars in future care. Shared long-term care insurance plans may offer a cheaper alternative.
Nobody ever wants to go into a skilled-nursing facility (SNF), or nursing home. Few people ever truly want to send a parent to one. Yet for a variety of reasons sometimes there is no alternative. You are wise to consider your parents' options even if both of them are now healthy.
Having the foresight to make arrangements for your elderly parent's long-term care can save the rest of the family both emotional and financial distress. This expert advice should help with asset protection and financial planning for you an your elderly parents. Better yet, caregivers can use these strategies to ensure they are prepared for their future needs as well.