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Long-term Care Insurance
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What is Long-term Care Insurance?
Long-term Care Insurance is a type of insurance that helps pay for the cost of extended care when a person can no longer perform everyday activities independently because of aging, illness, injury, or conditions such as Alzheimer's Disease.
Other than a few exceptions, Medicare does not cover long term care expenses, and that type of care can be financially devastating to the retirement nest egg you have worked so hard to create. Thererfore, long term care insurance can help you preserve funds for your loved ones (spouse and others), as well as help you pay for the type of care you wish to have--whether that might be in an assisted living community, or perhaps to receive care at home.
We always hear that it is important to purchase long term care insurance early while we are still young. Why is that?
Your premiums will be far less expensive if you purchase your policy while you are still fairly young. Or, another way to look at it is your BENEFIT will be much higher. I recently quoted a couple, one age 65 the other age 68, for the same amount of premium the age 65 person will receive about 15% more in monthly benefit dollars that can be used to pay for care than the person who is age 68. If you are considering purchasing a plan, you may wish to start the application process before your next birthday!
If you have a family history of stroke or Alzheimer's you may wish to consider purchasing a plan as early as your 40's or 50's.
Secondly, and this is a biggie, because many people do not realize you need NEAR PERFECT health to qualify for a long term care policy. You may have that near perfect health now, but as we age all kinds of issues can and usually do start to pop up. It doesn't take much, and that door of opportunity to purchase this type of protection could be permanently closed.
Should everyone purchase a long term care policy?
Not necessarily. Living is expensive! You will first need to ensure you have enough money to meet your living expenses should you live to be a ripe old age. I can help you decide if a policy is financially right for you.
I have enough money to self-fund if I end up needing long term care.
That's great! Of course self-funding is an option, but just keep in mind the cost of care ten years from now could easily be in the $200,000 per year range depending on where you live and the type of care you receive. Depending on your age at the time you purchase your policy, for example, setting aside $50,000 now could give you $400,000 in tax free benefits. There is tax efficiency in paying for your care with an insurance benefit rather than your hard earned after-tax dollars. Additionally, for those of you who are subject to paying a higher Medicare Part B premium, selling investments to pay for care and end up increasing your Part B premium significantly.
I am proud to be working with the experienced team at Long Term Care Tree. www.LTCTREE.COM to provide you with a vast array of choices. Call me today and I can share with you all of your options. If you have an older plan, I am happy to review it and show you how plans today have many more flexible options for "stay at home" care rather than nursing home care.
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