While you may not think you’ll ever need it, many people do. By the time you realize you need long term care insurance, it will be too late to get it. Plan ahead!
Long Term Care Insurance, also known as “LTCI,” provides coverage for people who need help with their activities of daily living for an extended time. This can be due to chronic illness, various disabilities or other conditions.
There are only a few options when it comes to paying for long term care costs. The most common is self-insurance, where you’ll have to pay out-of-pocket yourself. This can be tremendously expensive especially in CT and dramatically impact your retirement finances should an unexpected event occurs. The other primary option is to purchase long term care insurance coverage to help cover the immense costs of long-term care episodes.
Far too often people get caught unaware by long term care expenses. By thinking ahead and exploring the various options you have for long term care insurance, you’ll protect your finances and your financial legacy. You’ll also provide both you and your family members with greater peace-of-mind that you have insurance protection in place. Talk to Cowen Tax Advisory Group today to learn more.