Long Term Care Insurance
You think it won't happen to you but 3 out of 4 of us will need Long Term Care! Are you really willing to take your chances? With 10,000 Americans turning 50 every day, there's a tsunami of Long Term Care needs on the horizon. Are you content to leave your future up to chance? Without some type of advanced planning, you may not have a say in who, where or what kind of care you'll receive.
Long Term Care Insurance provides you with the ability to pay the costs associated with Long Term Care. Individual Health Insurance and Medicare won't pay for your Long Term Care. If you develop a disabling illness or are disabled in an accident your traditional health insurance plans aren't going to pay for your Long Term Care needs. In fact, Medicare doesn't pay ANYTHING for Long Term Care! Many people don't realize this because they think Skilled Nursing Care is Long Term Care. IT'S NOT!
Your Long Term Care needs are determined when you aren't able to independently complete 2 activities of daily living (ADL's). These are basic self-care tasks you master in childhood: transferring, moving from chair to bed and/or walking; maintaining continence and toileting yourself; bathing/grooming yourself; dressing & feeding yourself.
Long Term Care needs can also be triggered by cognitive diseases such as dementia, Alzheimer's, or diseases such as ALS, Parkinson's etc.
Most people assume Long Term Care is provided in a nursing home, but the most Long Term Care is provided in your own home or in an Assisted Living Facility.
Those old "use it or lose it" policies have been replaced by new offerings based on sounder actuarial practices. There are many options today which provide comprehensive Long Term Care benefits when & if needed but also offer a death benefit to your heirs if you don't use any Long Term Care benefits. Depending on the structure of the policy, that death benefit may be TAX-FREE!
There are a variety of options available - even if you delayed planning and aren't in the best of health now. Please call for a personalized consultation so we can help you determine which option will best suit your needs. We work with several Elder Law Attorneys who will identify strategies to provide for your future needs and preserve your estate for those you love rather than spending it all down or leaving it to Uncle Sam.
Statistically, 7 out of 10 people will need some type of Long Term Care, such as Home Care, Assisted Living, or nursing home care after age 65. In 2008, the average annual cost for a private nursing home room was $76,460.00.*
There are many affordable options available to protect yourself and your family.
* Retirement at the Tipping Point - Ken Dychtwald, PhD
Call or Text 314-518-8266
Contact us for a comprehensive analysis to determine which Long Term Care strategy will maximize your benefit and preserve your assets for your loved ones.
314-518-8266
3 In 4 Need More
Contact us for a comprehensive analysis to determine which Long Term Care strategy will maximize your benefit and preserve your assets for your loved ones.
314-518-8266