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Long Term Care Insurance

Why you need to Plan now

Most people know someone who has needed long term care services. Maybe you’ve been a caregiver yourself. Either way you may be wondering how you’ll handle your own long term care needs. Will you rely on family? Will you be able to stay in your home? How will long term care affect your retirement nest egg?

I have a personal experience to share with you. A few years back my father was in a severe car accident which left him brain injured and partially paralyzed.He was unable to live at home and required nursing home care where he died three years later.He did not have long term care insurance and quickly went thru all the money he had accumulated after a lifetime of hard work.

Currently my mother age 86 has been diagnosed with dementia. Luckily after the experience of my father, I made sure Mom had a long term care policy which of course I am agent for. She purchased it in her 70’s while she was healthy.

She has been able to stay in her own home while receiving care. However it is now time to move Mom into an assisted care facility. Locally in Chattanooga the facility we have chosen costs $3500 a month. Mom’s daily benefit is currently $130 a day with a 5 year benefit period. That creates a monthly benefit of $3900. Average inflation is 3% a year and the policy includes a benefit inflation protection. Once Mom has self funded 90 days of care- think of it as a deductible--the policy pays her full benefit and her premiums are waived!

My brother and I are INVOLVED in her care but we are not CAREGIVERS and that is the distinct difference and perhaps one of the most important. As adult sons who work if we had to be the CAREGIVERS we'd suffer both economically and emotionally.

LTC policies provide such benefits as:

  • Home Health Care --- 100% from day one with NO WAITING PERIOD.
  • Facility Care and if needed, Nursing Home care.
  • Inflation Protection- your benefits can compound annually as much as 5 %.
  • Shared Care where couples can share the pool of money created.
  • Couples - including LGBT - couples can receive as much as a 30 % discount from some carriers.
  • Self employed individuals may deduct the premiums paid for them and their spouses subject to generous tax defined guidelines.

I urge you to call or email me for information on LTC. We can tailor a plan designed for your specific needs and the needs of your family. I represent several of the top carriers for long term care and have been personally selling LTC since the 1990’s. I obtained my CLTC designation in March of 2008.

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