.

Typically, one family member assumes the responsibility, either because he/she lives close by or because he/she has the role of “family caretaker.” Taking care of the ill or frail or one who has Alzheimer’s is difficult, stressful, expensive and lonely, especially when there are no financial plans in place.

Financial planners recommend that a Long Term Care policy be added to your retirement plan if you are over 50 years old. This type of insurance can be a financial and emotional lifesaver by giving your family both the financial strength and the explicit permission to obtain whatever kind of care is needed.

It is important to gather information now, because prices, likely will never be lower. Make an informed choice. There are a number of myths about long term care insurance. One is that long term care insurance is expensive. The truth is that it is never as expensive as paying for care out of your own pocket. Secondly, Medicare pays only a small portion of expenses and it pays nothing at all for custodial care, which is primarily what people need. Thirdly, it is not true that only the very healthy qualify for insurance; many health conditions are acceptable to insurers. Medicaid (medical welfare) will pay for long term care, if you run out of money or never had any. Medicaid pays primarily for nursing home care. Consider this, long term care insurance can be a nursing home avoidance policy. Some believe it is possible to invest the money you might spend on premiums and pay for care through earnings. This is a risky approach to planning and not recommended.

All long term care insurers are not the same. Health insurers and policies differ dramatically. Choose a company that is financially sound, offers flexibility and has a strong claims payment history. Don’t take chances with long term care…consider owning peace of mind.

For more information call Brownell Financial Services Group, LLC at (603) 425-2005.