What Is Long-Term Care?
Long-term care is a range of services and supports you may need to meet your personal care needs when you get older and can no longer take care of yourself. Most long-term care is not medical care, but rather assistance with basic personal tasks of everyday life, such as bathing or dressing.
Long-Term Care Planning
At Oak Leaf Wealth Management, we can help incorporate the expenses from long-term care into your overall financial plan. We have several options we can discuss with you, depending on your specific health conditions and investment goals.
Long-Term Care as an Investment
Don't think of insurance as an expense. Think of it as an investment.
Insurance may represent a critical component of the risk management in your financial plan. As with any investment, it can be a mistake to have too much insurance, and it can be costly if you don't have enough. Instead of focusing on the cost, we ask that you keep sight of the goal: potential return. Insurance is not an expense. It is an investment bought with money you have today in order to help secure future benefits for tomorrow.
Long-Term Care Insurance
Long-term care insurance (LTCI) is not something you can purchase just because you want it and can afford it. You must also qualify medically. Although insurance companies are willing to accept some amount of risk, they can deny coverage if they consider you too high risk. This means that if they deem you more likely to need care sooner than later—and for an extended period of time—companies will not insure you.
In evaluating risk for LTCI, underwriters focus on three main elements: overall health, ability to function independently, and cognitive awareness.
Oak Leaf Wealth Management would be happy to help you find out if LTCI may be an option for you. Because each applicant has a unique medical history, it is a good idea to speak with us before submitting an application. We can start the process for you by collecting some information from you. We can do it over the phone or send you a survey to fill out at home. To get started, call or e-mail our operations manager, Jacki Zahn, at 401-765-1711 or at [email protected].
Although the insurance company makes the final decision on who qualifies, we can help guide you through the process and help select the insurance company that may be the best fit for your needs.
Remember, the best time to apply for long-term coverage is while you are healthy. There is no benefit to waiting until you have a chronic condition or develop a medical problem, as it will only compromise your ability to qualify.
Fixed insurance products and services offered through Oak Leaf Wealth Management or CES Insurance Agency.