At some point in your life, you are likely going to be in need of long term care. Yet the cost of long term care is considerable. High quality long term care currently costs $5,000 to $10,000 per month or more – care that is not covered by health insurance or Medicare.
Now, perhaps you have a decent retirement plan. Perhaps you have money set aside to help pay for any care you may need. But while it is highly advantageous to have these liquid assets, it also comes with one drawback: any money you have is money that you can also lose, through scams, fraud, theft, and more.
- What happens if you lose your income and still need long term care?
- How can you protect yourself from issues like theft and fraud?
These questions may seem silly at first glance. “Why do I need to worry about fraud, I won’t fall for any scams.” But it’s important to note that the world today is not like the world only 20 and 30 years ago, and the world 20 and 30 years from now will be different still.
AI is making it possible to imitate people’s voices, causing people to fall for scams. The internet has made it easier to steal financial information. As we spoke about in a blog post a few days ago, financial abuse is also a problem, with family members occasionally taking advantage of senior finances as they get older.
And as we get older, we can lose some of our ability to discern scam from reality – all at a time when the ability to discern scam from reality becomes harder.
How Long Term Care Insurance Helps
Long term care insurance is specifically designed to protect your finances in the event that you need to pay for long term care. But it is more than that. It is also protection from financial loss. Your LTC insurance will still be there even in the event you fall for a financial scam or financial abuse. It is earmarked for long term care, so it is not at as great a risk should the unthinkable happen.
In this sense, you can imagine that long term care insurance can, in theory, protect your ability to receive long term care from financial scams, from financial abuse, and other forms of financial loss. It’s yet another tool you have to make sure that you have access to funds that you need, no matter your retirement finances.
Long Term Care Resources Pacific Agency (LTCR Pacific) is an insurance agency that can help you understand the different insurance options for seniors, and provide you with solutions to get you the protection you need for your future. Contact us today to learn more.