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Long-Term Care

The rules of money have changed, and the need for long term care (LTC) insurance has changed along with it. Many people have not dealt with this subject simply because until very recently, it was not very necessary.

In ancient Greece, for example, the life expectancy at birth was 20. When the Declaration of Independence was signed, life expectancy was still around 23 years of age. Even as recently as the 1900s, most Americans died around age 47. Today there are over 35 million people over the age of 65, and the figures continue to grow.

LTC is the daily care required if you have a serious long term care illness or disability. Long-term care policies generally cover expenses for skilled, intermediate, and custodial care, whether these services are provided at your own home, an adult day care center, an assisted-living facility, a group home for specific conditions such as Alzheimer’s, or a nursing home.

Many clients consider the idea of long-term care to be daunting, but in most cases it is a significant risk management component of a sound financial plan.

Long-term care is an approach designed to give you choices about care when and if needed. It is also a way of ensuring that your family is not forced to become the primary caregiver and is an important way to preserve your assets.

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Long-Term-Care Protection Strategies