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Long-Term Care

Long-Term Care Insurance
Even if you believe it will never happen to you, it’s important to understand your options now.

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You plan and save and invest to create a financially secure future for you and your family.

Along the way various forms of insurance are purchased to help protect your finances, however, the single most overlooked, avoided and disregarded is long-term care insurance. Are you prepared with a plan to address the need that lasts for several months or several years? Long-Term Care Insurance could end up being a key component in preserving the finances that you’re working hard to build and preserve.

What is Long-Term Care Insurance?
Basically, purchasing a long-term care policy is like buying a pile of money that’s earmarked for long-term care expenses. These expenses can provide for someone come in your home, adult day care, assisted living, and/or even a nursing home.

 

I don’t think we’ll ever need long-term care
Yes, this is a possibility, but what would happen if you were wrong? How would this affect your family? Would the consequences affect your family’s lifestyle?

It can be very challenging and draining for a family to navigate the caregiving system as they seek the best care for you. With long-term care insurance, you have “care coordination” which is an independent 3rd party that assists in this and other helpful areas.

Many times without long-term care insurance, the family becomes the caregiver, which can be very difficult – emotionally, physically and financially.

Even if you do not rely on family for caregiving, the cost can be very expensive and leave less for your spouse’s living expenses.

 

Long-Term Care Insurance has evolved

Consider that today’s long-term care policies:

– pay for care at home as well as facilities;

-many plans waive the waiting period for home care which means you can begin receiving benefits immediately;

-many plans offer “Share Care” which means that the funds for a couple are pooled;

-Hybrid life insurance plans have long-term care riders where the premium is fixed and there’s a life insurance benefit;

-Significant discounts are available for couples, even if only one person is applying.

 

When should I purchase?

Most individuals purchase long-term care insurance between the ages of 54-64. Unfortunately, for some people, 54 may be too late due to a change in their medical history. Also, while traditional long-term care insurance can have rate increases, there are hybrid plans (life insurance with ltc riders) that provide a fixed premium for life.

Something is better than nothing

Just as social security was never designed for complete income replacement, long-term care insurance can be purchased with the idea of supplementing the costs. And, the lower the benefit (or pile of money you purchase), the cheaper the premium.

Is there a tax benefit?
As an individual, the benefits you receive are tax-free.

The government does incent many of us to purchase long-term care insurance. Premium deductions vary depending on whether you are:

An individual taxpayer who itemizes;

An employer paying for the employees’ coverage;

A Sole Proprietor, S. Corporation, Partnership or LLC.

What is your Long-Term Care Strategy?

Just by reading this information you’ve already started the process. Next consideration:

  • What is the level of independence you would like to maintain?
  • What is the role you would like to your family to play in your care?
  • Where and how would you like to receive care if you need it?
  • How do you want to fund the costs?

Additionally, consider that by having a long-term care policy, your family can be supervising your care as opposed to providing it.

To find out about the options and receive personalized quotes for long-term care insurance, please contact me by email at carly@cjbins.com or call me at 510.342.2670.