Long Term Care; Part 3 – The Basics

Part 3 – The Basics

Long Term Care - The Basics

Then what are my options for managing this risk?

  • Self-Insure

If your paid-for house burned down would you use your money or an insurance company’s money to rebuild it?  After age 65 you are at least 150 times more likely to need extended care than to file a total loss claim on your homeowner’s insurance.8  Particularly in light of the financial crisis of 2008, can you guarantee you’ll have the resources to pay for extended care if the event begins in your 80’s or 90’s?

  • Medicaid

A wonderful safety net if you are in a Nursing Home; but laws changed in 2006 making it virtually impossible for non-indigent applicants to become eligible for benefits.  Regardless of how you dispose of assets, it is doubtful you would ever qualify because your income will probably always exceed the $2,199 per month cap as an individual or $2,898 as a couple.

  • Spouse, Children, or other Family

But, don’t you want your loved ones to care about you rather than to care for you?  Focus on their future… rather than on yours?

  • Long-Term Care Insurance

Transfer a portion of the risk away from you and your family and allow your retirement portfolio to fund all the plans you’ve made.

Why should I consider Long-Term Care Insurance?

 

Long-Term Care Insurance provides both emotional and financial benefits.  You should consider looking into this coverage if you would like to:

  • Take control of the situation by having a plan in place… just in case.
  • Protect your life savings and other assets.
  • Remain in your home as long as possible.
  • Choose the location and the quality of care you deserve.
  • Relieve your family from the total burden of caring for you later in life.

Part 1- Long Term Care,  The Basics

Part 2 – Long Term Care, The Basics

Part 4 – Long Term Care, The Basics

Part 5 – Long Term Care, The Basics

LINKS ABOUT BUYING LONG TERM CARE INSURANCE

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