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 / Investments / Long-Term Care Insurance

Long Term Care Insurance

Rules of Risk Management

  • Don’t risk more than you can afford to lose.
  • Always transfer potentially devastating losses whose severity can’t be reduced.
  • Consider the odds.
  • The higher the probability of loss, the less appropriate it is to use insurance.
  • Don’t risk a lot for a little.
  • There should be a reasonable relationship between the cost of the insurance and the value to the insured.
  • Risk is not solely about numbers.
  • Do not underestimate the emotional toll of an economic loss.
What is long-term care?

Long-term care is insurance that covers care typically not covered by health insurance. It includes:

  • Custodial Care (Personal Care) – Care to help individuals meet personal needs such as bathing, dressing and eating. Someone without professional training may provide care.
  • Intermediate Care – A level of nursing services performed intermittently, rather than around the clock, by professional medical personnel, usually a registered or licensed practical nurse or other medical practitioner such as a licensed therapist.
  • Skilled Care – Daily nursing and rehabilitative care that can be performed only by, or under the supervision of, skilled medical personnel. This care is usually needed 24 hours a day, must be ordered by a physician, and must follow a plan of care. Individuals usually get skilled care in a nursing home but may also receive it in other places.
What long-term care solution is right for you?

Paying for long-term care can be difficult, and you need to consider your options:

  • Medicare
  • Life insurance
  • Medicaid
  • Annuities
  • Veterans Administration
  • Traditional long-term care insurance
  • Using your own savings
  • Health savings accounts
Additional Resources: http://www.naic.org/index_ltc_section.htm

Contact Delta Community Retirement & Investment Services to find out what long-term care options are available to you and best meet your needs and circumstances.




*Securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor. CBSI is under contract with the financial institution to make securities available to members.
Not NCUA/NCUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution. FR021206-5090

 

 

 
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