Presented by Advanced Financial Concepts
As the average population of the United States ages, more individuals will require some form of long-term health care. In fact, some studies suggest that up to 70 percent of Americans will require some form of long-term care during their lives. As its name implies, long-term care insurance covers costs associated with long-term medical care, including at-home care as well as stays in assisted living facilities, nursing facilities, or rehabilitation centers.
Although individuals typically consider purchasing long-term care insurance as they get older, purchasing coverage earlier in life can be advantageous. Purchasing long-term care coverage when younger can offer lower premiums while affording additional coverage in case an accident or unexpected injury strikes that requires costly, extended medical care.
Additionally, although Medicare currently covers long-term care for senior citizens in the U.S., regulations require that an individual’s assets be exhausted prior to Medicare coverage beginning. Thus, long-term care coverage may be a wise choice to avoid medical costs decimating an estate.
About Advanced Financial Concepts: Offering a wide range of financial planning services, Justin F. Shaw and his Houston firm, Advanced Financial Concepts, assist clients with matters such as insurance, tax advice, and estate planning.