Many individuals buy long-term care insurance for themselves so they won’t face the prospect of huge bills for eventual home care, nursing-home care, or assisted living costs.
It can also make sense to make sure your parents have long-term care coverage. Someone turning age 65 today has almost a 70% chance of needing some type of long-term care services and supports in their remaining years, according to LongTermCare.gov.
If your parents need long-term care, it may cost a significant portion of their assets, and you may find yourself making large contributions as well.
Long-term care insurance can help ensure that you’re never in that position, and it can allow your parents to ultimately pass more of their wealth to their children or to worthy causes, rather than to care providers.
Long-term care insurance is a complex subject, and if you ever want to discuss it in depth, give the office a call to schedule an appointment.
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