No one likes to think about the possibility of getting sick or injured and needing long-term care, but the sad reality is that it can happen to anyone at any time. If you are one of the millions of Americans who do not have long-term care insurance, you may be wondering how you will pay for the care you need.
Long-term care planning with policy solver is important for everyone, but especially for those without long-term care insurance. Read on to learn more about why you need long-term care planning and how to get started.
What Is Long-Term Care?
Long-term care is a type of health care that helps people with chronic illnesses or disabilities live as independently as possible. Long-term care can be provided in a variety of settings, including at home, in assisted living facilities, and in nursing homes.
Why Do I Need Long-Term Care Planning?
There are a number of reasons why you should have a long-term care plan in place, even if you are healthy and have no health problems.
- First, as we all know, accidents can happen at any time. If you were to become injured in an accident and require long-term care, how would you pay for it?
- Second, even if you are currently healthy, there is always the possibility that you could become ill or develop a chronic health condition that requires long-term care.
- Finally, as we age, our risk of requiring long-term care increases. According to a report, 70% of people over the age of 65 will require some type of long-term care during their lifetimes.
How to Create a Long-Term Care Plan?
If you don’t have long-term care insurance, there are still a number of ways to pay for long-term care.
- One option is to tap into your savings or investment accounts.
- Another option is to sell your assets, such as your home or car.
- Finally, you could also take out a loan against your life insurance policy or reverse mortgage your home.
Of course, no one wants to have to cash in their life savings or sell their possessions to pay for long-term care. That’s why it’s so important to start planning for long-term care now while you are still healthy and able.
By doing so, you can ensure that you will have the financial resources you need to cover the costs of long-term care if and when the time comes.
No one likes to think about getting sick or injured and needing long-term care, but the sad reality is that it can happen to anyone at any time.
If you don’t have long-term insurance coverage, it’s important to start planning for how you will pay for the care you need now while you are still healthy and able.
There are a number of ways to pay for long-term care without insurance; talk with a financial planner today to find out which option is best for you and your family.