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:
- Life insurance
- 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.
Guarantees are based on the claims paying ability of the issuing company.
Securities and Advisory services offered through LPL Financial, a Registered Investment Advisor. Member FINRA/SIPC. Insurance products offered through LPL Financial or its licensed affiliates. The investment products sold through LPL Financial are not insured Delta Community Credit Union deposits and are not NCUA insured. These products are not obligations of Delta Community Credit Union and are not endorsed, recommended or guaranteed by Delta Community Credit Union or any government agency. The value of the investment may fluctuate, the return on the investment is not guaranteed, and loss of principal is possible. Delta Community Credit Union and Delta Community Retirement & Investment Services are not registered broker/dealers and are not affiliated with LPL Financial.