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You want a company that will be around when you need them. We help you find the highest-rated and best-performing insurers, with Pricing and Options.
You want to know all your choices. As independent agents we shop the market to uncover the optimal benefits at the best rates available.
You want the best advice. With over thirty years of experience as LTC specialists we work with individuals and financial professionals. We’ve helped thousands of people secure the proper LTC protection.
The need for long term care protection continues to grow.
A record $10.3 Billion dollars in claims was paid last year by the nation’s long-term care insurance companies. This was an increase of 12% over the prior year.*
*American Association of for Long-Term Care Insurance’s 2019 Claims Study, January 2019.
The Long Term Care Debate
will need long term care at some point in their lives.
Paying for Long Term Care – Your Options
When it comes to financing long term care expenses, what are your options?
Private LTC insurance covers only about 7.4 million people. That’s according to the National Association of Insurance Commissioners. Experts recommend buying long term care insurance at age 50 or 60, but it can be a lot cheaper if you purchase when younger (during your 40’s). You can use a service that helps you compare long term care insurance plans to find the best coverage for you.
If you have the resources, you can set aside a section of your savings to take care of long term care expenses. However, given recent data on the cost of care in various facilities, it’s clear that only the most affluent of families can afford to pay for long term care out of pocket.
An increasingly preferred way of paying for long term care insurance entails adding a rider to a life insurance policy. This actually addresses the concerns of individuals who are worried about buying an LTC insurance policy and never getting to use it. With a life + LTC rider, your policy will be converted into a death benefit (to be passed to your beneficiaries) if you never end up needing LTC.
Many people tend to think that Medicare will foot their long term care expenses, but it only provides a very limited coverage. Medicare will help pay for recovery after a 3-day hospital stay. It covers the entire cost over the first 20 days, after which you are required to pay a coinsurance fee per day. After the first 100 days, Medicare will stop assisting.
When all the other options for offsetting long term care expenses have been exhausted, the government’s Medicaid will help pay up. Medicaid continues to pay for long term care needs but only after the person has depleted almost all their financial resources. What’s more, not all health facilities accept Medicaid patients (and only traditional nursing homes are covered).
Taxable annuity gains can be turned into tax-free long term care benefits. Long term care annuities basically help you leverage your assets into 3X, 4X, or even 5X of your principal investment amount (which should cater for long term care if you ever need it). For people who plan to use their assets to offset possible long term care costs, this is a great strategy to protect their retirement income stream.
Is Long Term Care Insurance worth the expense?
Costs continue to soar.
Long term care expenses (whether at a nursing home, assisted living facility, etc) continue to go up at an unprecedented rate. The only way out of this quagmire is to make sure that you avoid these expenses. Insurance gives you the surety and peace of mind you need. If you ever require long term care, then you know that you’ll receive quality care – paid for by your insurer.
Better safe than sorry.
You’re better safe than sorry. Think of LTC insurance like you would auto insurance. You never know what could happen when you get behind the wheel, so auto insurance gives you the peace of mind. Long Term Care insurance gets you covered if you ever need long term care services (which is more likely today than ever before).
Many people already use it.
As long term care expenses continue to shoot up, and Americans continue to get worried about footing these bills, long term care insurance is becoming increasingly popular as a preferred option. American families do not want to lose their entire savings paying for their own (or other family members’) long term care.