If long-term care should ever become a necessity, you’ll want to have a choice in how you receive your care – and you’ll want to stay in control of your finances. In other words: live on your own terms.

This has become increasingly important, especially since the costs for long-term care in a skilled care facility, or even in your own home, keep spiraling upward. And those costs can be financially devastating. An illness or injury requiring extended care could require you to spend your retirement savings – or most of your estate – for your long-term care needs.

Long-term care insurance can help you protect your retirement savings – at a reasonable cost. The premium is minimal when compared to what you might pay for long-term care if you need it.

Some people are under the mistaken impression that other policies will cover long-term care. The fact is: health insurance is for acute medical care, disability insurance replaces lost wages, Medicare is for short-term recovery care, and Medicaid only assists those with extremely limited assets, and care options may be limited.

This is a good time to consider this critical coverage, because as your age increases so do the premium rates. As with any insurance, the time to purchase it is while you are in good health and can still qualify to get it.

For an assessment of your needs and a plan for helping you live on your own terms, contact Chad A. Eyre* or Steve M. Benzing*, the MEMBERS Financial Services Representatives serving the members of Dow Chemical Employees’ Credit Union. Simply call (989) 835-7794 or (800) 835-7794 extension 4572.

*Insurance sold through licensed CUNA Mutual Life Insurance Company Representatives, and in New York, licensed insurance representatives of other companies. Similar products may be purchased from an agent or company of your choice. Not federally insured and not underwritten or guaranteed by the credit union.

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