By: Frances E. Pérez Mayo, Esq.
Senior Wealth Advisor Management / Assistant Vice President
Wealth Management Division, BPPR
It is important to be financially prepared for the unexpected. Today you are in good health, but you never know when you will have to face a prolonged recovery that may require long-term care as a result of an accident or illness. Therefore, we recommend that you evaluate with your financial advisor whether a Long-Term Care policy is an adequate solution for you, to cover personal and custodial care costs without sacrificing the accumulated assets from your retirement or savings.
Long-term care insurance can provide considerable economic relief in the event of a critical situation that requires help on a daily basis over an extended period of time. Help needed may range from assistance with basic daily activities, to specialized care from professionals. Remember that a prolonged illness will limit your ability to work and generate income. Also, take into consideration that the costs of drugs and treatments are increasing consistently.
What is Long Term Care?
It is defined as the care someone needs when he or she can no longer perform at least two daily tasks by himself or herself as a result of a chronic illness, injury, disability, severe cognitive decline or simply as part of the aging process. Basic daily tasks include: bathing, eating, dressing and walking. Costs related to hire certified help and receiving support in these tasks may be substantially high, whether the service is provided at home or in an institution.
The Long-Term Care policy may be designed individually for each customer. You could, for example, change the amount of the daily benefit you receive, establish whether inflation will be considered in the quote and set the time for which you will receive the benefit. The selection of these and other aspects will affect the cost of the premium. Popular One has a specialized team of professionals who can guide you through the alternatives available and help you and your family find peace of mind and a better quality of life.