Guest blogger: Jason Van Puymbroeck WELA Financial

Karen Lebuhn

Traycee Home Care is proud to work alongside many professionals in the legal, financial, medical and psychological fields. Today, I am pleased to introduce Jason Van Puymbroeck from WELA Financial.

Did you know that neither, your health insurance nor Medicare will pay for extended long-term care services in the event that you needed them in the future? If you develop a chronic illness or become disabled and can no longer care for yourself for an extended period, you will need long-term care services.

Long-term care insurance steps in if you develop a health condition that requires you to receive care and supervision. This could mean home health care, nursing home care or personal or adult day care. Many people mistakenly believe that Medicare or Medicaid would cover their care expenses, but this is often not the case. Without long-term care insurance in place, you may burn through your life savings or have no choice but to rely on a family member for care. Long-term care insurance is worth it because it protects your assets, spares your family from financial and emotional stress, and puts you in control of your health decisions.

It is likely when you consider that people are living longer than ever and that the U.S. Department of Health and Human Services reports that 70% of people will use long-term care services at some point. Many people find long-term care insurance worth it because it offers peace of mind knowing that they will not drain their assets or put undue pressure on family members.

Long-term care insurance hybrid policies offer your loved one’s protection in the event you pass away, while also giving you the peace of mind knowing that your long-term care needs are covered. They truly offer the best of both worlds, plus they can save you the hassle and expense of buying two separate policies.

Our long-term care insurance covers both in-home care and care received at a specialized facility like an adult day care, an assisted living facility, a nursing home, or a memory loss unit.

While the cost of long-term care varies by facility and by where you live, it is safe to say the cost is considerable. Long-term care costs range from $19,500 per year for adult day care to $102,200 per year for a private room in a nursing home. This kind of expense can quickly deplete your nest egg, which is why long-term care insurance is such an important coverage to consider. Many people are surprised to learn that long-term care coverage costs less than they imagined…