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With over 76 years of experience, The Jordan Insurance Group is an industry leader in Life Insurance strategies and Employee Benefits. We strive for excellence through our due diligence in selecting products to satisfy our clients’ needs with proven benefit designs and tax strategies. Our Team utilizes a diversified multi-level approach in preserving, protecting and growing wealth for our business and individual clients.
Long Term Care at a Young Age for Athletes
One of the most important things young athletes need to consider when doing their financial planning is long term care. The fact of the matter is that professional sports are fraught with danger in many different forms. Injuries are easy to come by, and common. Young athletes may be injured severely enough to need at-home nursing care, or even to go to an assisted living facility. These things are very expensive, and can quickly wipe out the athlete's savings (and that of their family), even if the athlete was making a high income before the injury. Sport-Injury Once the money runs out, the injured athlete can no longer stay in the nicer private facilities. They will have to liquidate their assets and go on Medicaid, where they will be forced to go into an industrial nursing home-type setting that no young person wants to experience. Even elderly people do not want to experience this type of facility. Even if the athlete makes it through their entire career without being catastrophically injured, they may sustain enough injuries, especially head injuries, throughout their career that they get early onset dementia. This can force them into an assisted living facility long before their peers. Having long term care insurance can ensure that the athlete is protected if an assisted living facility or at-home nursing becomes necessary for them at any age. The good news is that long-term care insurance, while expensive, is less expensive the younger a person is, and the better health they're in. If an athlete applies for a long-term care policy at the beginning of their career, when they haven't been subjected to any injuries and are in excellent condition, they will be able to get the policy for a lower price than if they waited to apply when they retired. In fact, an insurance company might not approve a former athlete for a policy. So, it is much better, and a very smart move for the athlete and their family, to get the policy as soon as they can, so their wealth is protected for them and their family if they ever do need the services of at-home nursing or an assisted living facility.
William Jordan
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