Long term care health care insurance is a great way to protect you and your business from the rising costs of long term care. No one wants to think about the need for long term care health insurance, but since more people live longer with chronic health conditions, it’s becoming a necessity.
Long term care health insurance can deplete family assets over time. This is especially true if you or your loved one needs long term care for several years. Long term care health insurance will protect and preserve your assets for your loved ones.
As a part of your estate plan, long term care health insurance will help ensure your business survives and thrives while you or your loved one needs long term care.
Quality long term health care insurance will:
- Protect personal assets in the event you or a loved one need long term care.
- Provide peace of mind knowing caregivers will follow your long term health plans.
- Prevent unauthorized persons from making health care decisions on your behalf.
- Protect business assets for you or a loved one.
Action Steps
The best contacts and resources to help you get it done
Prepare long term health plans
Long term care health insurance is the key component to a long term health plan which should also include estate planning to ensure your wishes for long term care.
I recommend: The National Association of Geriatric Care Managers and
Nurse.com provide resources for selecting long term health care insurance and developing and managing a care plan.
Select a caregiver to ensure your long term health plans are carried out as you wish
This can be a loved one, a third party guardian or someone appointed through your care manager. The caregiver carries out the plan on a daily basis and answers directly to the care manager.
I recommend: Look to
The National Family Caregiver’s Association and
Elder Law Answers for important information about how to choose a quality caregiver.
Make long term care health insurance a part of your estate plan
Design your estate plan around your business, property, bank accounts, life insurance policies and any other items considered part of your estate.
I recommend: The American Academy of Estate Planning Attorneys and the
American Bar Association are great places to find an estate planning attorney in your area.
Purchase long term care health coverage long before you actually need it
Purchasing long term health coverage years in advance makes premiums more affordable and provides better coverage for less money. Do a long term care insurance comparison for the best long term health insurance rates.
I recommend: Genworth Financial and
Insurance.com offer quick and easy long term health care insurance rate quotes.
Tips & Tactics
Helpful advice for making the most of this Guide
- Offer group rates for employees for long term health care coverage. This is a great way to motivate your employees to think about long term care coverage for themselves and their families.
- Do long term care comparison shopping with the help of your estate planner, insurance agent or care plan manager.
The official source of Long Term Care Health Insurance is
the Long Term Care Health Insurance page at Business.com
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