• Long-Term Care: Client Story

    Posted on October 18, 2023 by in Uncategorized

    Jane gets long-term care insurance at age 78

    Jane is 78, a retired professor who lives independently (still advising students). Several months ago, Jane contacted me about finding out about Long-Term Care Insurance and was wondering if that was still an option for her because she did not want to be a burden to her family.

    While some carriers will not cover a person past a certain age, I did find several options for Jane.

    She applied with Thrivent – a starting pool of $240k, which translates to $5k per month, growing at 3% compound interest. The Elimination Period is 30 Days and is waived for Home Care.

    She’s opted to pay this plan off in 10 years, making the premium $20,685.35 per year for 10 years. Then she’s done.

    In 10 years, the monthly benefit will be $6,524.

    Jane is delighted to have this coverage.

    In social situations, I’m often asked what LTC costs; there’s so much that goes into crafting the right plan for people that no simple numerical answer can be given on the spot. It takes education to be a responsible consumer; working with those is truly fulfilling.

    Please contact me if you’d like to see what Long-Term Care Insurance looks like for you.

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