Long Term Care Insurance for Home Care or Assisted Living in Michigan

Insurance is one of those necessary things we all must have, for the ‘just in case’ scenarios in life.  You have it for your car, your home, your health, but have you considered what to do if you or a spouse might need long term care?  How are you going to afford the cost of hiring a home health care worker or pay for a room in an assisted living facility?  Long Term Care Insurance for home care or assisted living in Michigan is one of the better options.  Unless you want to dip into your hard-earned savings a little earlier than planned.

Long Term Care Insurance Can Help Ease the Burden

The need for a loved one to receive assistance on a daily basis or even be put into a care facility is becoming more and more common.  Diseases like Alzheimer’s, Dementia, and a myriad of other health issues makes it difficult for once-independent people to safely remain on their own.  While sometimes it is hard to admit that we need help and even harder to convince elderly family members that they need help, we often forget about the cost of this assistance.

Not many people realize it, but care is expensive and adds up very quickly.  According to the Michigan Department of Insurance and Financial Services (DIFS), in 2015, the average yearly cost for Home Health Care was $47,937 and the average yearly cost for Assisted Living was $45,152.  How many people do you know that have an extra $45,000 designated for this kind of care?

Shop Around for the Right Policy for You

Like any other insurance you carry, you can shop around with companies that offer Long Term Care policies and find the right one for your situation.  Even though we can’t predict the future, having a policy in place before you need it can give you peace of mind that you or your spouse will be able to get the necessary level of care you deserve.

The State of Michigan has many resources dedicated to helping people find the right companies and policies when it comes to Long Term Care Insurance.  (Click here to see a list of Authorized Long-Term Care Companies in the State of Michigan.)  A number of publications break down the costs and compare benefits side by side, making it a little easier to make the right decision for you.

It’s Ok to be Picky in Choosing a Long-term Care Policy

When choosing a policy, make sure that it will cover exactly what you might need it to.  Like any other insurance game, there are some policies that will only cover certain costs where others are more comprehensive.  A little research about what kinds of services are available in different care environments and how much those services cost can help narrow down which policies will work for you.  Medicaid and Medicare do cover some costs, but only if you meet certain standards, and those benefits don’t usually last as long as you need them to.  Having Long Term Care Insurance for Home Care or Assisted Living in Michigan will certainly lessen the burden on you and your loved ones later in life.

If you have questions about Long-Term Care planning, contact Castle Wealth Legal, today and we will help you begin the process to ease the burden and give you peace of mind for what might come down the road.

Want to learn how to use tax-free money for long-term care? Download a free copy of our book on the topic.  Just click here to Download a Copy of Tax-Free Money for LTC.

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