Long-Term Care: Have You Thought About It?

What if you or a family member needs it? Are you prepared?

Although it’s not something most people like to talk about, having a long-term care plan – whether it’s an insurance policy or simply a plan to handle care if needed – can help to alleviate some of the emotional, financial, and physical stresses of what can be a difficult situation.

Results from a 2015 research study by Genworth Financial, Inc. indicate that in the past five years, both caregivers and care recipients are skewing younger. A possible explanation for this trend is that the number of people needing care due to accidents, as opposed to illness, is also increasing. The perception that it’s “nursing home care” for the elderly is diminishing.

The benefits of incorporating long-term care insurance into your financial plan include:

  • Protecting your assets
  • Reducing the burden of care that may fall on family members
  • Allowing you to receive care in the setting you prefer

If you are ready to begin the process of planning for your future care, there are a couple of steps you should take:

  • *Speak with your insurance or financial professional
  • Find out what coverage costs
  • See if you can health qualify
  • Ask what discounts you qualify for

*Long-term care insurance is available through the Pennsylvania Medical Society Insurance Agency (www.pamedinsurance.com) through leading companies such as Genworth, John Hancock**, Nationwide, Mass Mutual, Mutual of Omaha**, MedAmerica, Life Secure, Transamerica, and Lincoln Financial (**discounts available to PAMED members and members of their families).

It’s important to note – there is never a cost or obligation when you request a long-term care health insurance quote.