Is Long Term Care Insurance for you?

Determining Need

There are really two major aspects of what we do, and both involve helping

people make decisions. The first decision is of course, is long-term  

care insurance right for you?  Secondly, to help you arrive at an answer to this

question, we first of all, and most importantly listen to you.                         


What do we listen to?


Your needs

  1. *Your questions

  2. *Your situation of family, friends and supports


If, after our conversation, you decide that having long-term care insurance

is something that you are interested in, the next question is: how much

will it cost?  The table below will give you a very approximate idea     

of cost. A face-to-face meeting will fill in the details and answer

your specific questions about policy options, choices, and prices.


Your decision to buy long term care insurance will depend on your age, health, overall retirement goals, marital/sibling/partner situation, income and assets. Those who choose to purchase long term care insurance do so for a variety of reasons: to protect their assets, to avoid burdening their children, to ensure that they will have choices in their care, and to avoid relying on Medicaid.  The key is to try design a plan that will be as flexible as possible in meeting your future needs.  Unfortunately, we do not have a crystal ball, so we don’t know what your care needs will be.  It should cover skilled, custodial or intermediate care within the home or a residential facility.


At what age should I buy long term care insurance?


If one determines that long term care insurance is appropriate, anyone in their fifties should begin to consider this option.  The cost is determined by age, health and marital/sibling/partner status.  This coverage is protection for your long-term care, so the medical questions are very different from those for life insurance.  Long term care insurance companies are concerned about chronic care needs.  For example, if somebody is having physical therapy, he or she needs to wait until fully released from doctor’s care.  On the other hand, if he or she has had heart disease or cancer, as long as those conditions are controlled, they may not prevent them from qualifying for a policy.  The key is, in your forties and fifties, there is a greater chance that you will be insurable as opposed           to your sixties, seventies or eighties.  Also, the cost is determined in part by your age. 

Cost

Costs vary depending upon the choice of insurance company, (we offer       many different companies), the coverage, your age and your health.  Discounts are available for couples, for those with good health, etc. The prices at the low end may not cover all the full cost of some services such as a nursing home, assisted living facility or  24 hour home care, but they will still help defray those expenses. 

Although even the least expensive policy represents a considerable expense, it’s worthwhile to compare this cost to the cost of care for those without long term care insurance. 

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