Long Term Care Insurance in Dallas-Ft Worth
At Texas Retirement Specialists, we can help you plan for the future and for the unexpected. Did you know that 60% of people who are 65 or older will need long term care at one point or another in their life? Health insurance doesn’t cover long term care and therefore, the financial responsibility falls back on the patient or the patient’s family if long term care insurance isn’t in place. If you’d like to add long term care insurance to your financial and retirement planning strategy, our two offices are conveniently located in Fort Worth and Dallas, Texas and one of our professional team members is available to assist you.
What Does Long Term Care Insurance Cover?
While long term care coverage varies depending on your specific policy, some of the different types of coverage that can be obtained include:
- Assisted living
- Home care
- Hospice care
- Nursing home care
- Respite care
Long term care can be quite expensive and its cost is only expected to grow over the future years. Without long term care coverage in place, the expenses associated with it would be the responsibility of you and your family. Full time nursing home care based on today’s rates can easily top 6 figures per year.
When Should I Consider Long Term Care Insurance?
One misconception regarding long term care insurance is that a person doesn’t need it until they’re getting ready to retire. 40% of the people who are receiving long term care are between the ages of 18 and 64, which means that it’s never too early to consider long term care insurance. An unexpected accident or disability can lead to needing long term care at any stage in life and it’s best to be prepared.
Another misconception is that long term care insurance is only needed when a person becomes severely ill. Long term care insurance can help you take care of day to day basic needs on a temporary basis. For example, if you were unable to cook your own meals or you needed help taking care of yourself due to a fall or another type of injury, long term care insurance could assist you.
Texas Retirement Specialists can present all of your long term care insurance options to you and help you decide on how much coverage you need. If you’re just getting started with financial and retirement planning, long term care insurance can be included in your plan. Or if you already have a financial or retirement plan in place, long term care insurance can easily be added into your current plan.
Contact our office today to get started.