Long-Term Care

One indisputable fact of life is that if we don’t die, we get older. When we get older, we will eventually need help with normal activities of daily living (such as bathing, toileting, transferring from bed to chair, feeding etc.).

The likelihood of needing help is 70% from the age of 65 on.  That’s 7 out of 10.

When help is needed:
1.     It affects the whole family.
2.     It is not covered by health plans or Medicare.
3.     It can be provided at home or in a facility such as assisted living or nursing home.
4.     If family is not doing it, the cost can be substantial and can drain savings.
5.     Once all personal assets have been nearly exhausted, Medicaid may be available to pay for care in a  Medicaid-qualified nursing home, but it’s not free.  Estate recovery is required.
6.     Long-Term Care insurance pays for help and protects personal assets.

Long-Term Care protection is available as:

1.     Traditional LTC insurance.
2.     Life insurance with an LTC rider.
3.     Annuity with LTC features.
4.     Asset transfer into LTC program.

Advantages of having Long-Term Care protection:

1.     Maintain control over location and quality of care.
2.     Avoid being burden on family.
3.     Leverage – large benefit for modest premium.
4.     Protect family’s assets.

Long-Term Care insurance is medically underwritten.  Premium is based on age (older applicant is higher) and medical history.  Waiting until one is older to apply makes it more likely application will be declined due to medical conditions.

Don’t wait.  Get protected before it’s too late.

Call me to Learn about available options.

Joe Sperling, J.D.