When Should I Consider Long-Term Care Insurance?

Deedee Bloom, Advanced Planning Coordinator at Elevate Wealth Advisory, addresses a common question: Should long-term care insurance be considered, and if so, when?

Understanding Long-Term Care Insurance

It's generally recommended to start considering long-term care options between the ages of 50 and 60. Approximately half of the people turning 65 will require some form of paid long-term care during their lifetimes. Most long-term care is not medical but involves assistance with everyday tasks, known as activities of daily living, such as grocery shopping, housework, and pet care.

Planning and Options

Planning for long-term care is crucial, and many are unsure what insurance covers. At Elevate Wealth Advisory, the goal is to help gauge the likelihood of needing care, estimate potential costs, and explore various funding options. Since Medicare does not cover non-skilled assistance, other options include using personal assets, long-term care insurance, or a reverse mortgage. Elevate Wealth Advisory provides an unbiased viewpoint as a fiduciary firm not licensed to sell long-term care insurance or other products.

For personalized advice on researching long-term care planning, visit our Website below, and click the Let’s Talk button!

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