Many of our clients, even those in perfectly good health, have begun planning for their future when Social Security disability or retirement benefits alone may not be adequate to support them financially. And those who haven't begun planning for it, should! Two increasingly popular ways to do this is through long-term care and long-term disability insurance policies.
A long-term care policy, typically purchased around the age of 60, provides for care in the home and/or in an assisted-living or nursing facility when the individual is no longer able to live independently. Medicare does not provide any long-term care support, which can cost many thousands of dollars per month, so this type of insurance policy has become very popular since most individuals cannot afford the thousands of dollars per month assisted living can cost.
A long-term disability policy insures against a serious disease or injury that keeps you from doing your prior job - unlike Social Security disability which, for most people, only provides benefits if you are unable to perform any job, not just your prior job. Many financial experts recommend that workers of all ages should carry some level of long-term disability insurance to ensure they and their families do not lose all income during an extended disability. The types of long-term disability insurance varies greatly, so we recommend you talk about it with a trusted financial advisor.
Many long-term disability policies require that the insured apply for Social Security disability to “offset” the long-term disability benefits. Should you or a loved one have any questions about applying for Social Security disability benefits, please give us a call for a free and confidential consultation.
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