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Long-Term Care has the Potential to be Your Most Important Asset
No one ever likes to think about it, but long-term care can be a necessity for some -- whether it's due to a disability, old age, etc. And according to recent stats about long-term care, it ain't cheap at all -- over $100,000/year as of 2018.
While you may have an existing health insurance policy, long-term care coverage usually isn't included under most policies. And Medicaid's coverage can sometimes limit your future care options (like only cover certain nursing homes). Plus, sometimes you're even required to liquidate certain assets.
Types of Long-Term Care Insurance
The oldest form of LTC, and often referred to as "if you don't use it, you lose it" policy. Typically funded through continuous systematic premiums to fund a much higher balance that can be utililized for qualified LTC expenses, if 2 of 6 'assisted daily living' criteria is met.
Asset Based LTC
The most popular type of LTC, typically funded through an asset such as an annuity, life insurance or cash. The "asset based" aspect combats the concern that "if you don't use it, you lose it" concern. With these policies, you control the asset.
Life with LTC Rider
A life insurance policy with an attached rider which covers LTC expenses. This type of policy is more life insurance directed but can provide substantial benefits towards a potential LTC need. Most commonly funded through continuous premiums.