- Long Term Care Insurance
Most people know that Long-Term Care insurance is not the only way
to pay for extended home, assisted-living facility, and nursing home
care. What they don't know is what option is best for them and why.
Our Long-Term Care Professionals can guide you through that process
by explaining your options, what's at risk and how you can best
protect yourself, your family and your assets.
Based on your age, health, and financial situation, our Licensed
Professionals will help you determine if Long-Term Care coverage is
right for you, and if it is, if now is the right time to buy. Prior
to consultation we request that you answer a few questions to help
us understand your specific needs and how we can best help you
achieve your planning goals. If Long-Term Care Protection is the
best solution for you, we will work diligently to determine the most
appropriate combination of benefits provided by highly-rated
carriers at the most economical cost.
The following are examples of some of the carriers we will compare
for the best solution for you:
Please contact us for more
information, a consultation or to receive a quote.
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The Suze Orman article below offers a good insight to Long Term
A Suze Orman Exlusive, Source Money Matters, Yahoo Finance
Once you reach your 50s you should consider adding a long-term care
policy to your insurance coverage. This will provide you with a
payout to cover nursing home costs as well as a variety of in-home
health care expenses.
Long-term care coverage can be costly, but with nursing home
residency pushing $50,000 or more a year in many areas, the
insurance is well worth it. I recommend buying a policy when you are
between 50 and 60 years old. Wait any longer and you will face much
higher premiums, as well as run the risk of being denied coverage if
you have a pre-existing condition.
For individuals who spend time in a nursing home, the average stay
is about three years. So to play it safe, you might want to purchase
a policy that would help you cover up to four years of nursing home
care. Notice I said “help.” Don’t forget that you will have other
retirement income such as your 401(k) and IRA savings as well as
Social Security. Long-term care insurance is meant to merely
supplement your other income sources. Along the same lines, it’s
important to select a policy where you will be comfortable paying
the premium not just today but 20 or 30 years from today; realize
this is insurance that you will probably not need for a few decades,
if ever. Because you are making a purchase for the relatively
distant future, you want to be especially careful and stick with an
established insurance company. I recommend buying a policy from an
insurer that has been in the LTC biz for at least 15 years and has a
strong rating of “A” or better.
Given the rapid rise in health insurance costs, you also want to
make sure that this policy includes an annual inflation adjustment,
just like your homeowners insurance. If you are under 70 years old,
the inflation adjustment should work out to a compounded annual rate
of 5 percent. If you are over 70, you want a simple 5 percent annual
increase each year. And pay attention to the policy’s “elimination
period.” This is the amount of time where you will be on the hook
for all your costs—it’s essentially the deductible for the policy.
Many policies come with a 90-day elimination period. That can put a
huge dent in your finances. If you can afford the higher premium, I
recommend opting for a LTC policy with a zero-day elimination
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