Long-term care insurance is one of the most overlooked insurance policies, as many people think that all of their other insurance policies will provide enough protection for them later in life. However, the older you get, the more likely it is that you will have extra medical care bills to cover. Investing in a long term care insurance policy can help to cover the cost of any care that you need as you enter into your golden years. There are many benefits of investing in a long term care insurance policy, including:
- Keeping a savings account – the cost of in-home care or nursing facilities can quickly add up, which can start to dig into your savings. A long-term care insurance policy will help to cover the cost of any medical bills that you need, to ensure that you can keep your savings account stocked.
- Avoid depending on your children – many children are happy to help their parents out with any of their day-to-day medical needs as they age. However, the more you depend on your children, the more time you will take away from their social lives and careers. A long-term care insurance policy will provide the financial means to hire help so that you will not have to depend fully on your children.
- Tax benefit – you may be able to receive a tax benefit from investing in a long-term care insurance policy. You may also be able to deduct all the premiums that you pay into your policy, which could help put you in a lower tax bracket.
For all your long-term care insurance needs, contact the insurance professionals at Massive Insurance in Pasadena, California. As an independent insurance agency, we will work with you to ensure that you have the right amount of coverage, all at the right price.