We sell Long-Term Care Insurance
We sell Long-Term Care Insurance (all types) including:
- Traditional Long-Term Care Insurance.
- Linked Benefit Long-Term Care Insurance,
- Alternatives to Long-Term Care Insurance.
Each of these could pay for care when you are unable to care for yourself, usually due to a chronic illness or injury. Your need for long-term care insurance is normally based on your inability to perform two of six Activities of Daily Living (bathing, continence, dressing, eating, toileting and transferring) expected to last for 90 days or more, or due to a cognitive impairment (dementia or Alzheimer’s).
What Does Long-Term Care Insurance do for you?
A Long-Term Care Insurance (LTCI) policy can provide choices for you and your family in case you suffer from a long-term illness or injury. It can help you maintain your independence. Long-Term Care Insurance is issued by insurance companies and can also help protect your life savings by transferring the risk of paying for long-term care to an insurance company.
Why is Long Term Care Insurance important?
Nothing can derail a successful retirement plan faster than a prolonged sickness or injury. Once the Medicare care limits are exhausted, or if you are no longer able to recover, you may find yourself paying for the care on your own. Health insurance and Medicare do not fully cover long-term care. If you are lucky, you may get a few months of care paid for before you need to pick up the tab out of your own pocket.
Medicare is not the solution to paying for your Long-Term Care
Getting older sometimes requires special types of care, not covered by Medicare. In the guide, Medicare & You 2019, on page 50, explains Medicare is not the long-term care insurance solution for you when it says, “Medicare and most health insurance plans, including Medicare Supplement Insurance (Medigap) policies, don’t pay for this type of care, sometimes called “custodial care.” If you are poor, you may be eligible for this type of care through Medicaid (welfare), or you can choose to buy private long-term care insurance.”
Medicaid is for the poor
If you are on welfare, or otherwise lack the financial resources to pay, Medicaid is available if you qualify. However, you may need to spend down your savings to qualify. The facility where your care will be provided may be up to Medicaid to choose, not you. You might also be able to qualify for Medicaid if you exhaust the coverage from a qualifying partnership long-term care insurance policy.
You can pay for your own care too
If you are very wealthy, you may be able to afford to cover the high costs of care for yourself. Otherwise, take a look at the recent Genworth cost study (Genworth 2019 Cost of Care Survey and ask yourself, do you have that kind of money laying around?
1. Traditional Long-Term Care Insurance
Traditional Long-Term Care Insurance is a highly customizable policy that can pay for a wide range of services. It is the oldest form of long-term care insurance. Traditional Long-Term Care Insurance usually requires a recurring premium. Like auto or homeowners insurance, there is no refund if you die and never use it.
2. Linked Benefit Long-Term Care Insurance
Unlike Traditional Long-Term Care Insurance, a Linked Benefit Long-Term Care Insurance policy is a different insurance product. Often it is a life insurance policy with a Long-Term Care Insurance rider attached. It may not be as customizable as Traditional Long-Term Care Insurance. This has become a popular approach. Essentially, with little to no use of long-term care benefits, something can be left over for your beneficiaries.
3. Alternatives to Long-Term Care Insurance
Most people know that it is not possible to buy auto insurance after your car has been totaled or stolen. You cannot buy homeowner insurance after it has been robbed or burnt to the ground. The same is true for Long-Term Care Insurance. You need to be able to qualify for Long-Term Care Insurance with reasonable health in order to buy it. While benefits may be more limited, alternatives to long-term care insurance and limited payment long-term care insurance are available.
BONUS: The Combo Plan
You do not necessarily need to choose only one way to plan for a chronic illness or injury. You can use a combination of approaches You can use more than one approach to plan for your independence in the event of a chronic care need.
In Conclusion:
We sell Long-Term Care Insurance and have been helping people like you find the right long-term care insurance since we started in 1998. There are many ways to plan for and maintain your independence in the event you need care due to a chronic illness or injury. There are many reasons you should consider a long-term care insurance plan. You can choose more than one way to provide yourself with choices in case you need them in the future.
Finally
If you have any questions about the Long-Term Care insurance (LTCI) or LTCI insurance riders or just need a little guidance, feel free to contact us. We know long-term care planning can be confusing, so it is important to get the facts before you make any long-term decision.