Long-term care insurance should be on everyone’s radar. Signing up for long-term care insurance protects you and your family’s finances and provides you with more options and peace of mind for your future.
With SDPEBA/SDPCOA’s new long-term care insurance plan with Unum available to all association members and their families, now is a better time than ever to go over why you should enroll for long-term care insurance.
1. You Get to Choose the Best Service for You
Many long-term care services are expensive (on average, nursing homes cost $127,000 a year), and without long-term care insurance, you might find yourself unable to afford the care you need, especially since the levels of long-term care vary from person to person.
Investing in long-term care insurance gives you the ability to afford the services that are best suited for you that might otherwise be outside of your means.
2. You won’t Feel like a Burden to your Loved Ones
Time and money are two resources that are in high demand when it comes to long-term care. Individuals without a long-term care plan often have to rely on loved ones to step in and assume the role of primary caregiver or to fund any necessary medical expenses required. This can often lead to individuals feeling like they’re a burden on their families.
A recent survey suggests that 50% of primary caregivers feel as if they didn’t have a choice on their role. This leads to millions of people asking themselves “should I quit my job to take care of my parent/spouse?”
Having long-term care insurance prevents you from forcing that choice on your loved ones as you’ll be able to afford the care you need.
3. You get to Remain Independent
As we get older, we lose financial and physical independence. It becomes necessary to rely on others to do what we can’t. But, by investing in long-term care insurance, we can maintain some of that independence.
What would you do if your household chores became more than you can handle? Having long-term care insurance means you can afford to pay someone to assist you in your own home, meaning you don’t have to rely on family or move into an assisted living facility if you don’t want to.
4. You can Choose Where you Receive Care
The different options for long-term care are gated based on price and the level of care you need, but that doesn’t necessarily mean you have to live in a nursing home.
With long-term care insurance, you’ll have access to more options, meaning you won’t have to worry about the price getting in the way of the best treatment option for you.
Even if you need more involved services, long-term care insurance can give you the finances necessary to upgrade your home to meet your needs.
5. You Protect your Retirement
Choices matter, especially when it comes to long-term care. Unfortunately, the different options on where to receive care vary in price and levels of care.
Long-term care costs Californians an average of $250,000 in their lifetime. Without long-term care insurance, that money comes directly from your savings, eating away at your retirement and keeping you from enjoying your golden years the way you planned and potentially leaving your surviving spouse with little to nothing in terms of savings.
Members of SDPEBA/SDPCOA and their families can enroll in long-term care insurance with Unum set up a call with the button below.
Click here to Schedule a Long-Term Care Call
You can also check out our other articles on LTC and our new GI plan: LTC Enrollment Announcement and How to Start a Care Plan Conversation.