A Need-to-Know Checklist on Long-Term Care
Provided By: Terence R Mc Tigue, Northwestern Mutual
Long-term care planning is a particularly relevant issue in this economic environment of market volatility and rising financial concerns. When people experience difficult times, we tend to take stock of our fundamental needs and re-focus our attention on the basics.
You might consider long-term care planning for many reasons, but essentially it helps to protect you and your loved ones from the financial and emotional costs of a chronic illness or injury. This is important because Americans are living longer, which increases the likelihood of someday needing on-going care.
Once you have determined the necessity of protecting you and your family against these potential costs, the next step is to critically evaluate key components associated with long-term care planning. The following questions can help you get started.
The Facts
What are the chances that you will need some form of long-term care either in at an in-patient facility, part-time during the day, or even at home? Most people have a false perception of the facts around long-term care. According to the National Underwriter Company’s 2012 Field Guide:
The Representative
Because funding long-term care can be a challenge, it’s important to work with a competent and trustworthy representative who understands your needs and can design a strategy to meet those needs.
The Company
The company supporting your financial representative and its reputation and financial ratings are also crucial. The following questions are helpful when considering working with a company:
Long-term care planning is a personal and important decision. Evaluating your specific needs and circumstances, with the assistance of a trusted, knowledgeable financial representative and the backing of a solid company can help you determine your options and select a plan that makes sense for you.
Article prepared by Northwestern Mutual with the cooperation of Terence R Mc Tigue. Terence R Mc Tigue is a Financial Advisor with Northwestern Mutual based in Eden Prairie, MN. Terence R Mc Tigue is a licensed insurance agent. Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company (NM), Milwaukee, WI, and its subsidiaries. To contact Terence R Mc Tigue, please call (952) 224-7950 or email at terry.mctigue@nm.com.