Long Term Care Insurance
At Stonepath Wealth Management, we understand the importance of and focus special attention on long-term care.
What is Long-Term Care?
Long-term care refers to the assistance and protection that is given to people with a chronic illness or a disability. As medical advances have coincided with an increasing average life expectancy, long-term care has become increasingly more important. Along with the benefits of a longer life are the increased risks of disability and chronic illness, such as Alzheimer’s disease. For someone with Alzheimer’s, the 24/7 care that is needed can be very expensive. Without adequate planning, many families have faced financial tragedies when confronted with unexpected disabilities or illnesses.
There’s No Place Like Home
At Stonepath Wealth Management, we believe it is important to insure against the unexpected and unknown. According to the U.S, Department of Health and Human Services, at least 70% of people over the age of 65 will require long-term care services at some point in their lives. However, contrary to popular opinion, private health insurance and Medicare does not cover the majority of necessary long-term care. We understand that most people would like to live in their own homes for as long as possible. Although long-term care policies do cover nursing home expenses, many long-term care policies also make it possible for you to stay out of a nursing home as long as possible, covering the expenses of 24/7 assistance.
Planning is essential, and depending on the individual certain long-term care policies are better than others. Based on our clients’ individual needs, we can target certain long-term care policies that provide adequately for long-term care and insure against the risk of the unknown.