Long Term Care
Insurance (LTCI) is all about reducing your family's financial exposure to
chronic health problems. Healthy living is a fragile existence.
Everyday, people suffer accidents, falls, strokes, cancer or develop other
chronic and degenerative ailments (including dementia and Alzheimer’s)
that they did not in their wildest dreams anticipate could happen to
them. As we all know, the risk of encountering serious health problems
increases with age. The question is not “will you get sick,”
it is more like “when will you get sick?”
Because of medical
advancements and new drugs, we tend to live on and on. Whereas our
health insurance will pay for “acute” care (to get us better), very
few people can afford to pay $60,000 - $100,000 per year for years of “chronic” care.
If nothing ever happens
to you – you win! If something does happen to you, you will most likely
want to remain in your own home, live with your children or move to an
Assisted Living Facility. Eventually, you may find yourself in a Nursing
Home. Without insurance, you will most likely pay out-of-pocket for this
care until your money runs out - and the Government-run Medicaid program
for the indigent kicks in.
Proper retirement
planning must account for this eventuality. Long Term Care Insurance is all about
strengthening your retirement plan, and the peace of mind that comes with
achieving a measure of control over one of life’s unexpected events.
A free booklet entitled "Avoid Mistakes in
Buying Long Term Care Insurance" is now available to residents of
Delaware, Maryland and Virginia. This booklet is must reading for
anyone over the age of 50 who is either planning for retirement or already
retired.
Click on the image below for details on
getting your free copy!
or request a
copy by sending me an email at
joegahm@comcast.net
The essence of Long
Term Care Insurance is
that it provides a pot of money of several hundred thousand dollars (or
more) that
you can draw down on a daily basis if you ever become incapacitated. It
seems to me that paying a couple of thousand dollars a year for Long Term
Care Insurance is a whole lot cheaper than setting aside several hundred
thousand dollars – just in case you may need it!
People buy this
insurance for several reasons:
·
They don’t
want to worry about being a burden
·
They want
control over where they receive care
·
They don’t
want to waste their savings on long term care services
You can read more about
Long Term Care
Insurance on my publications page. A good place to start is with some
general information. Begin by reading an article entitled “The A,
B, C’s of Long Term Care Insurance.”
For a quote for your
particular situation, click on the "Request a Quote" link.
Because pricing for this insurance is dependent on your age, health and
marital situation, you will be asked to complete a 2 page Health/Policy Design
Questionnaire.
