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LTC Insurance provides peace of mind in the years before needing care.
It allows you and your family to know that if needed, there will be ample funds available for both high quality care and the opportunity to choose where you want to receive the care.
Having these dollars available also protects your retirement savings and your children's inheritance.
2.
LTC Insurance is about family.
LTC insurance does not replace what families do.
Instead, it enhances family support and allows them to provide and supervise high quality care.
3.
LTC Insurance is a gift to your children -LTC Insurance enables them to care for an aging parent without overwhelming their lives, both financially and emotionally.
Children often want to care for their parents, but without adequate funds, many will find the job beyond their capabilities.
4.
Medicare does not pay for Long Term Care.
Medicare will pay for care for 20 days only after a 3 day Hospital Stay (if it's a 2 day stay...
you are ineligible!) and then a very small fraction of care for the next 80 days.
Do not count on Medicare for your Long Term Care.
5.
Medicaid is not a desirable option.
To receive funds from Medicaid, you will need to spend down your assets to the point of impoverishment.
Transferring assets to protect them from this requirement must happen 5 years prior to needing care.
Medicaid was designed for the impoverished and you do not want to be dependent on this system during the most vulnerable time of life.
6.
Long Term Care at home or in a facility is expensive.
Paying for it on your own, out of income or assets, poses a serious threat to your retirement and financial plans.
LTC Insurance will help protect your retirement plans and assets.
It's important that those dollars be preserved so your spouse and family can have the type of lifestyle for which you have planned.
7.
It's easy to be in denial while thinking, "this will never happen to me".
The probability of needing LTC is at about 60%.
We are now living longer and dying slower, increasing the probability of needing care.
Without this protection, you risk the emotional and financial well-being of your family.
LTCmay be the largest financial risk most Americans face.
8.
It's better to create a plan 10 years too soon than one day too late.
If your health changes, you might not be able to purchase LTC Insurance.
As you get older, it gets more expensive to purchase.
If your health changes after you have purchased a policy, the rates will not increase, as they are "locked in" regardless of your age or health condition.
9.
LTC costs are high - both now and in the future.
Think about the cost of care in 20 to 30 years.
At 5 percent inflation, the cost will double about every 15 years.
That means the purchase of a LTC policy, with built-in inflation protection, solves a possible million-dollar care problem in the future.
10.
LTC Insurance can improve your quality of life through "aging in place".
These policies are considered part of a "nursing home avoidance strategy".
It provides you control, so you can age with dignity and receive care in the least restrictive environment possible of your choosing!
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