Financial Perspectives
Asset-Based Long-Term Care May Be Your Best Option
By Julie Cook Elsea
“Hope for the best, prepare for the worst.” This is a phrase many learned at an early age from parents or even grandparents. From Boy Scouts to basic training, being prepared can make the difference between failure and success. This also holds true when preparing for medical expenses down the road. The chances of success for a family’s financial plan may be increased by adding some type of long-term care insurance. With baby boomers’ life expectancy averaging 79 years old, up from 63 in the past, preparing for long-term medical expenses is crucial.
While it is easier to avoid the conversation of preparing for care, today’s choices in long-term care insurance (LTC) make it easier than ever. For generations, traditional long-term care policies have been the go-to in preparing for potential expenses. These policies are still available, and in numerous circumstances most appropriate. However, in recent years a new type of long-term care insurance has surfaced and is providing families more control in their planning.