Financial advisors, also known as financial planners, are professionals who help their clients with wealth management and personal money matters. They can put together a retirement savings plan or simply answer questions about whole life insurance in New Jersey.
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Is long-term care (LTC) insurance in NJ a smart investment? That’s the million dollar question! On one hand, long-term care insurance protects your retirement assets and picks up healthcare costs not covered by health insurance. On the other hand, an LTC policy is expensive and has a relatively strict qualification process.
Purchasing long-term care insurance is a personal decision, but you are more likely than not to need it. Below our financial planners in New Jersey share the pros and cons to having an LTC insurance policy. What is Long-Term Care Insurance? Long-term care insurance covers long-term support services such as assisted living, adult daycare, respite care, hospice care, memory care, etc. These insurance policies reimburse you for long-term care costs, up to a predetermined limit. This way, you can get the quality services you need when you need them. Long-term care insurance is a great option for many people. But with high premiums, strict requirements and some limitations, an LTC policy may not make sense for everyone. Pros of Long-Term Care Insurance Here are the advantages of taking out an LTC policy:
Cons of Long-Term Care Insurance Some things to keep in mind about LTC are:
If you are considering long-term care insurance, schedule a consultation with Leonard Financial Solutions. Our financial advisors in NJ can help determine if this insurance is right for you based on your financial health. If we find that LTC is not the best option, we can suggest other solutions for long-term care planning. Medicare can be confusing! The good news is that most people report being satisfied with their health care coverage. But like other types of health insurance, Medicare is complicated and features a wide range of plans, coverage choices, premium levels and enrollment rules. If you are interested in applying for Medicare, your best bet is to contact a financial advisor in NJ who can walk you through your options.
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February 2021
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