When most of us think about our final years, we consider our life insurance policy and whether it would be enough to protect our families. But what about costs related to hospice care, in-home nursing, or assisted living?
My colleague Linda Rey has written a very informative blog post on long term care insurance, including what it covers, and who can most benefit from the policy.
It may not be for everyone, but some of the benefits of having long term care insurance include:
- Receiving tax-free money when you get sick
- Avoiding spending your whole life savings on medical care
- Claiming tax deductions on premiums paid
- Preserving your dignity
- Saving family members the burden of caring for you
Ilyce Glink is the author of several books, including 100 Questions Every First-Time Home Buyer Should Ask and Buy, Close, Move In!. She blogs about money and real estate at ThinkGlink.com, The Equifax Personal Finance Blog and CBS Moneywatch She is Chief Content Strategist at RealtyJoin.com, a community for real estate investor