It’s no secret that we are living longer. Advances in modern medicine make it possible for many people to live long into their 80s and even their 90s. If you are fortunate enough to live this long, then it’s important that you have the very best care when it comes to long-term care. The following are a few ways you can pay for your long-term care or your parents’ long-term care while keeping it affordable.
Purchase Long-Term Care Insurance
One of the many attractive products that some insurance companies are now offering is long-term care insurance. With long-term care insurance, you can get coverage for healthcare costs related to long-term care. This insurance will not help you cover the cost of traditional medical costs. Health insurance and Medicare help cover those costs.
Use Your Life Insurance Policy
Some life insurance policies have hidden benefits built into the coverage. For instance, some life insurance policies allow owners to access their death benefit while they are alive, under certain conditions. One of these conditions may include life-threatening illnesses and chronic diseases that many seniors develop. With a qualifying event, some whole life policy owners may find that they can cover the cost of their long-term care using their life insurance policy.
Get a Reverse Mortgage
Over the years, you’ve built a lot of equity in your home. Depending on your needs, you may have built enough equity to take out a reverse mortgage on your home. A reverse mortgage uses your equity, without requiring you to make monthly mortgage payments. One of the best benefits to taking out a reverse mortgage is the fact that you can remain in your home. With the option to remain in your home, you may be able to get a reverse mortgage to pay for your long-term care before you need it.
Pay Using an Annuity
You can also opt to pay for your long-term care expenses with an annuity. An annuity is a set of monthly payments paid to you over a period of time. If you choose to purchase an annuity, then you have two options to choose from: 1) an immediate annuity or 2) a deferred annuity. With an immediate annuity, you make monthly payments to the insurance company. With a deferred annuity, you make a one-time payment to the insurance company.
We’ll help you plan for your future. Call Lohman Insurance at 309-764-8331 for more information on Moline long-term care insurance.