Long-term care insurance is designed to help ease the burden of expensive long-term care, such as nursing homes, rehabilitation facilities and home-health care. The money provided by long-term care insurance can help preserve the assets you've worked so hard to build for yourself and for your loved ones. It may also put you in a better position to choose the type of care you want without compromising your independence.
Costs for long-term care may exhaust your retirement assets. Just one year in a nursing home facility can wipe out years of your hard work and planning. Home care is becoming a popular option, but skilled home services are also very costly. Unfortunately, many people overestimate the role that Medicare and Medicaid can play in covering these costs.
Benefits of Obtaining Long-Term Care Insurance
Here are just a few of the benefits long-term care insurance can provide:
- Helps protect and maintain control of the assets you’ve worked so hard to acquire
- Improves the chances of getting the care of your choice
- Transfers some of the risk of high cost care to the insurance company
Long-Term Care Insurance Features
Tax laws provide advantages to purchasing long-term care insurance. For example, your premiums, within limits, may be itemized as a tax-deductible medical expense. Consult your tax advisor to find out how this applies to your particular situation.
Like most insurance products, your annual premiums are generally lower if you purchase a long-term care policy when you are younger and in good health.
To schedule an appointment to discuss your long-term care insurance options, simply call us toll-free at 1-800-724-9949 or visit your nearest M&T branch. You can also get started on your personal or business insurance coverage right now, online.