Chronic Illness can be emotionally and financially devastating to a family or individual. A long term care insurance policy can at least help to ease the financial burden of paying for care. The costs for chronic care are staggering.

What are the chances of needing long term chronic care?
According to “Long Term Care over an uncertain future: what can retirees expect?” by Peter Kemper 55% of men and 79% of women over age 65 will need care due to a chronic illness at some point during their lifetime.

How can I protect my assets?
Long Term Care Insurance Policy

A long term care policy can pay for the cost of home care, assisted living or nursing home care. You can purchase the amount of monthly benefit that you feel is necessary. You can also purchase an inflation rider which will increase the amount of the monthly payment each year in order to compensate for the increasing cost of care. The premiums will be rated according to age health and the amount of benefit chosen as well as optional benefits.

Life Insurance

A life insurance policy with a life access accelerated benefit rider can also provide benefits for long term care. In effect this concept allows you to use life insurance policy death benefits to pay for the cost of care. The advantage to this approach is that any money not used for care will pass as a life insurance death benefit to the family. Rates for this type of policy will be subject to the amount of death benefit, age, health status, and any optional benefits.

It is important to meet for a half hour in order to determine which plan is right for you.