Long Term Care
As we age, the chances we will need some help taking care of yourself at home or need care in a facility go up.
Regular health insurance does not cover Long Term Care needs. Neither does Medicare after a maximum of 100 days of care.
If you need care, the big question is: How will you pay for it? Home health aides, assisted living facilities, and nursing home rooms are expensive, and the cost is increasing. Can your retirement funds absorb the cost if you were to self-insure?
Some people believe they can receive care from their family members. That would be a loving gesture but is it practical? Can loved ones stop working, stop caring for their immediate family to help you, do they live nearby?
Alternatively, you could buy an insurance plan to pay for the cost of care. Having a traditional Long Term Care insurance plan is one approach but fewer and fewer insurers are offering policies now. They can be difficult to qualify for, premiums are not locked and may increase, and if you do not need care, you get nothing in return for your payments.
Fortunately, there are hybrid plans available now that are much improved. They are underwritten but not as tightly as traditional plans were underwritten, premiums are locked in, and if you do not use the plan the funds pass to your loved ones. Some plans include a return of premium options and include other features and benefits.
We believe these new hybrid plans are much improved over traditional plans and considering just how important it is for you and your family to have a plan if not a policy, we would be pleased to show you several options available and explain how the different policies can protects you and your family.
Please contact us today and let’s have a face to face or virtual meeting so you can get the facts.