Should Your Safety Net Include Long-Term Care Insurance?

You’re 100% committed to protecting your family. So you make sure that you’ve secured health insurance, life insurance and disability insurance. But are you missing a critical element of your financial safety net?

I’m talking about long-term care insurance. In this month’s Protect Yourself, we’re going to discuss what this often-overlooked coverage is and how not having it could derail your journey to Financial Freedom.

You Probably Need Long-Term Care Insurance

long-term care insuranceAccording to recent studies conducted by Morningstar, more than half of people turning 65 are expected to have a long-term care (LTC) need during their lifetimes. The average length of stay in a nursing home is right around a full year. And that’s an astoundingly expensive year.

Do you think health insurance, disability insurance, veteran’s benefits, Social Security, Medicare, Medicaid or a government service will cover those LTC needs at a safe level? Think again. Non-LTC insurance policies simply don’t cover long-term care.

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