Suze Orman: Funding Your Long-Term Care Insurance. Options are Available.
Suze Orman has been called "a force in the world of personal finance" and a "one-woman financial advice powerhouse" by USA Today. A two-time Emmy Award-winning television host, New York Times mega-bestselling author, magazine and online columnist, writer/producer, and one of the world's top motivational speakers today, Orman is one of the most recognized experts on personal finance. She is also a big believer in planning for the financial costs and burdens of aging and Long-Term Care Insurance.
For a very long time, she has promoted the need for having a Long-Term Care Insurance policy. These plans are very affordable, especially if you are in good health and younger.
With an LTC Insurance policy, you have access to your choice of quality care options, including in-home care. You not only protect your assets, but you reduce the stress and anxiety on your family.
However, while traditional Long-Term Care Insurance is the best option for many people, there are new products that some people are very interested in reviewing. These asset-based policies allow you to transfer existing money into an insurance policy and have both benefits for long-term care and get your money back if you are lucky enough never to require extended care. The insurance industry calls these "hybrid" policies.
Suze discusses these plans here.
Several Types of Long-Term Care Insurance Exist
No matter what type of plan you get, a traditional Long-Term Care insurance policy, a partnership policy with additional dollar-for-dollar asset protection, a hybrid plan like Suze wrote about, or even smaller "short-term" plans, having an affordable way to address the physical, emotional, and financial burdens placed on your family is essential to your future retirement plan.
Affordable Long-Term Care Insurance plans will protect your savings and provide peace of mind. You will have the knowledge that you will never place stress or anxiety on your family.
Remember, caregiving is not an easy job for anyone. Adult children (or their spouses) must often balance their career and family responsibilities with being a caregiver. Caregiving is physically and emotionally demanding. When you own a Long-Term Care Insurance policy, your loved ones will have time to be family instead of caregivers.
Ideally, plan before you retire as you have the most options available. Long-Term Care Insurance is medically underwritten, so you can't wait until your health changes to obtain coverage. Most people purchase coverage in their 50s.
Always work with a specialist in Long-Term Care Insurance. Most insurance agents and financial advisors don't have the expertise or experience in this area.
Find a trusted and qualified specialist by clicking here.