Preparing for long-term care is a significant decision that should not be taken lightly. As a resident of Chicago, IL, deciding whether to buy long-term care insurance or self-fund is not always a simple decision. At Arial Insurance Group, we’re here to walk you through the process of determining which insurance policy and plan is right for you, based on your age, lifestyle, spending habits, and future plans.
Long-Term Care
Long-term care insurance protects your retirement savings and often provides more choices in terms of care settings and providers. Additionally, having long-term care insurance is a way to maintain peace of mind, especially as you approach retirement age. It’s important to note that many long-term care insurance policies also include inflation protection, which is ideal in higher-income locations, such as Chicago.
Long-term care is ideal for those between 50 and 65 and those who are in good health but may require supplemental care in the future. If you’re searching for a predictable way to protect yourself (rather than relying on savings), long-term care insurance may be best for you.
Self-Funding
Self-funded savings, investments, home equity, and additional income sources can also help cover medical expenses. Without premium payments and full flexibility, you can choose how to invest your money in the right insurance policies. Self-funding makes sense if you’re financially flexible and comfortable absorbing unpredictable costs on your own.
Understanding the difference between long-term care insurance and self-funding your retirement is crucial anytime you’re thinking of changing policies. If you’re in Chicago, IL, we can answer your questions and explain your options. Contact Arial Insurance Group. We’re currently serving Chicago, IL.
