Disability and Long Term Care
We strongly believe that asset and income protection is critical to a sound retirement strategy. Designing a plan that encompasses long-term-care insurance and disability insurance can create the necessary balance in a portfolio to ensure stability and protection of assets.
The financial implications of a disability, chronic disease, or other debilitating condition are often underestimated and are expected to grow significantly in the coming years. Most health insurance plans do not cover the costs associated with an extended period of illness or injury, so disability and long-term-care insurance offer solutions that protect valuable assets that could otherwise be severely reduced.
Long Term Care Insurance
Long term care insurance provides a safety net for people suffering from chronic conditions that require assistance with activities of daily living. When an individual needs physical assistance or verbal reminders to perform activities of daily living, they are generally classified as needing long term care.
It’s unpleasant to think about, but the financial, professional and personal goals of a key employee could be crushed instantaneously by a disability. Employers should minimize the cost of coverage for executives so that everyone is prepared if and when something tragic happens. Employers must also strive to balance cost and administration with adequate coverage and return-to-work incentives.