Our Services: Insurance
Life & Long Term Care Insurance
Protecting yourself, your family and your assets from risk is an important aspect of any sound financial strategy. Insurance, however, is an area of financial planning that is rarely discussed in the detail that it should be. In this section you’ll learn about the different types and sub-types of insurance that should be a part of your financial plan, including life, long term care, health and disability.
Long-Term Care costs are those that are incurred by an individual with a chronic or disabling condition that needs constant supervision whether in a nursing-home, at home, or at an adult day care facility.
Long-term care is usually very expensive, which is why most people need insurance. For example, in Colorado the average, nursing facility providing skilled care charges between $60,000 and $70,000 per year.
There are three methods with which to pay for long term care costs. One can self insure whereby they save enough funds, separate and apart from what is needed for their daily needs in retirement, and pay for the cost of care from their own resources.
Provision by family is being used less frequently due to the financial burden and disruption of lifestyle that long term care places on the family.
Long term care insurance coverage offers more flexibility and options than most public assistance programs. Most LTC insurance policies will cover only a specific dollar amount for each day you spend in a nursing facility or for each home-care visit. Thus, when considering an LTC insurance policy, read the policies carefully and compare the benefits to determine which policy will best meet your needs.