Planning for the future becomes more crucial than ever in today’s fast-paced environment. Being ready might mean the difference when it comes to everything from financial investments to medical issues. In this article, your Fresno financial advisor will discuss how long-term care insurance is one subject that is frequently disregarded. But who actually requires it?
Understanding Long-Term Care
It’s crucial to understand what long-term care includes before deciding whether or not you need long-term care insurance. Long-term care is the help given to those who are unable to carry out specific daily activities (ADLs) on their own.
The Importance of Long-Term Care Insurance
Making sure you have the financial means to pay for the costs of long-term care services is made possible in large part by long-term care insurance. Without insurance, the costs can easily mount up and exhaust your assets or savings. Having long-term care insurance in place will give you piece of mind since it will protect you against the potentially expensive costs of such treatment.
Who Needs Long-Term Care Insurance?
Seniors who are about to enter retirement: As we become older, the possibility that we’ll require long-term care rises. Approximately 70% of those over 65 are predicted to need long-term care at some point in their lives. It is imperative to prepare for this scenario, especially in light of the growing expense of healthcare.
Adult children of senior citizens: It’s crucial to think about long-term care insurance if you have elderly parents who could need it in the future. Not only can it aid in safeguarding your parents’ financial security, but it may also provide you comfort in knowing that they will be looked for.
People who suffer from chronic illnesses: Some chronic illnesses, such Alzheimer’s disease, Parkinson’s disease, or multiple sclerosis, might increase the probability that they will require long-term care. Consider long-term care insurance if you have been given a diagnosis of a chronic illness to make sure you have the financial means to pay for medical treatment.
Are you trying to find a financial advisor in Fresno? Look no further than Soutas Financial & Insurance Solutions Inc. your financial advisor in Fresno, Ca is committed to helping take the complexity out of retirement planning. By using a variety of insurance and investment strategies that focus on Asset Protection, Long-Term Care Strategies, Legacy Planning, Tax- Efficient Strategies IRA, 401(k) & 403(b) Rollovers, Life Insurance, Annuities, Medicare, we can help you develop an overall retirement income strategy specific to you and your family.
We have a strong team of professionals helping ensure you receive all the assistance you need not only in developing your retirement income strategy, but in maintaining it throughout your retirement. Contact us today at 559-230-1648 or visit us today at Soutas Financial to get your retirement plans on track for success!
Investment advisory services offered through Foundations Investment Advisors, LLC, an SEC registered investment adviser. The commentary on this website reflects the personal opinions, viewpoints, and analyses of the author, Soutas Financial, and should not be regarded as a description of advisory services provided by Foundations Investment Advisors, LLC (“Foundations”), or performance returns of any Foundations client. The views reflected in the commentary are subject to change at any time without notice. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security, or any security. Foundations manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Foundations deems reliable any statistical data or information obtained from or prepared by third party sources that is included in any commentary, but in no way guarantees its accuracy or completeness.