Things You Should Know About Long-Term Care Insurance
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Everybody needs
it!
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Every LTC plan
should be customized and tailored for the individual's need.
- Not everyone who sells LTC insurance is
fully informed about it!
One of The Most Important Insurance Policies
Long-term care insurance is essential for it (1) helps protect the
assets and things you work so hard to achieve, and (2) helps foot the
bill for expenses not covered by Medicare or Social Security.
What is Long-Term Care?
LTC provides assistance for the kind of care you need when you have
a disabling or long-term medical or physical condition. That could
include care within your own home and/or nursing home or community
facility-based care.
Who Really Needs Long Term Care?
As our life span expectancies increase with modern science and
technological advances, illness becomes a very real possibility. The
elderly are more likely to need this coverage than the young. Yet
everyone should purchase LTC while they are "young", to assure a lower
premium. Women, who generally outlive men and who tend to have more
mobility impairing diseases, are more likely to need LTC than men.
Alzheimer's disease, stroke, arthritis, osteoporosis and other
conditions all contribute to the need for long term care assistance.
What Does Long-Term Care Cover?
Home care may include nursing and medical assistance, personal care,
housekeeping assistance, hospice, respite for those who care for you
while you are ill, and various kinds of day care. Long-Term Care also
assists with the cost of living in residential care, assisted living,
continuing care retirement and nursing facilities.
These are the sorts of needs that are not fully addressed by Social
Security or Medi-care, but whose cost can severely impact the lifestyle
and assets of an individual and family.
What Will Long-Term Care Cost Me?
If your income allows you to pay up to $50,000 per year for long-term
care, or if you have the income and the time to save ahead sufficiently
for those years, you may not need LTC coverage. If you're not in either
of those categories, you should seriously consider purchasing the
coverage. Your premium will remain the same throughout your coverage and
will be significantly lower the younger you are when you purchase the
insurance. Your plan must be tailored to your individual needs and
consider your estate and lifestyle. In other words, we can't quote you a
premium until we sit down together and look at all your options and your
needs. At Richey Advisors we are well aware of the importance of your
personal and family well being, so we want to custom design a plan that
fits your needs and your budget.
The LTC premium is based on a number of factors including your age and
health when you apply, the deductible or waiting period you select, the
various features you select, the benefit amount you want and the number
of years benefits will be paid.
Can Someone With Few Assets and Financial Resources Afford Long Term
Care Insurance?
There are a number of ways to address this question. Medi-Cal, a
joint federal and state program, is one resource for possible
assistance, depending on income and asset eligibility. In-home
Supportive Services (IHSS) is another program and it provides certain
in-home, non-medical services. There are also Multipurpose Senior
Services Programs (MSSPs) to help people live independently.
In addition, a wise long term care professional will help you look at
your overall picture, ruling out the options that will put you at risk,
but taking everything into consideration. Annuities, life insurance
policies, home equity, family support, fraternal organizations and other
personal options are all part of the review process.
Is "Home Companion Care" the Same as LTC?
No. Home Companion Care contracts are unregulated and may be unable
to delivered their promised benefits. In addition, they often require
large advance payments and association dues. They are NOT the same as
Long-Term Care.
The California Partnership for Long-Term Care
The California Partnership policy allows you to protect your assets
beyond the level afforded by conventional long-term care products. We
think this policy should be considered BEFORE others, not afterward.
To attend a Long Term Care seminar or schedule a seminar for your group:
Contact Richey Financial Group, Inc.
State of Domicile: California |
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