Long term care insurance covers the cost of nursing home stays, assisted living facilities, or caretakers for aging people with health issues.
You may be asking, Won’t health insurance cover that? The average health insurance plan won’t cover the costs, medicare coverage is limited, and there are income restrictions on medicaid.
When should you think about obtaining this insurance? The Sweet spot age to purchase is between 50 to 60
So, Who should look into LTC insurance? Every aging American! On average, one month in a nursing home is around $7,600!
Anyone who is over 50 and has health issues
Caretakers caring for someone 50 and older with persistent health issues
Aging and having health challenges in the process can be scary for the person experiencing it and their family, but LTC insurance can make it easier for everyone.
Found this helpful? Make sure you click the follow for more of Greenwood Daily.
Rianka R. Dorsainvil, CFP®️ is the Co-Founder and Co-CEO of 2050 Wealth Partners a virtual, fee-only comprehensive financial planning firm dedicated to serving first-generation wealth-builders, entrepreneurs, and thriving professionals. Rianka also hosts 2050 TrailBlazers, a podcast aimed to address the lack of diversity in the financial planning profession by engaging industry experts and leaders in conversation.
As an award winning successful, millennial Certified Financial Planner professional, Rianka offers a unique perspective not only on the current state of the financial service industry, but on how to stay relevant in an ever-changing world.
Rianka serves as a member of CNBC’s Digital Financial Advisor Council and CFP Board’s Diversity Advisory Group, is a Forbes Personal Finance Contributor, and has been recognized for her accomplishments and leadership within the industry by leading publications and organizations such as Investment News’ inaugural 2017 Women to Watch Rising Star and Wealth Management’s Ten to Watch in 2018. She has been published in PBS NewsHour, Forbes, USA Today, Black Enterprise, CNBC, Women’s Health, and more.