Consider Long-Term-Care Insurance
Written by Guardian Reliability Group, LLC on Aug 28, 2015
Most of us understand the value of insurance and the impact of not having insurance. You have automobile insurance even though there is only a 1 in 340 chance you will have of a major accident. You have homeowners insurance even though there is only a 1 in 1,200 chance your home will burn down. But, how many of us think about Long Term Care (LTC)? There is a 7 in 10 chance you will need long term care if you live past 65, and you don’t want to be a burden to your family. The average length of care is 3 years (mostly home care), according to the U.S. Department of Health and Human Services. Personal debts add up in a hurry when medically you can no longer care for yourself and require 24 hour, 7 day a week skilled nursing (custodial care) such as a nursing home; or require conditional care that includes skilled nursing only during the day such as in assisted-living centers and home care.
Nearly all of us think: "I have Major medical insurance or what about Medicare / Medicaid, don’t they cover the cost of my Long Term Care?" In fact, neither major medical health insurance nor Medicare covers traditional "custodial care." Purchasing a long-term-care insurance policy can be a way of making sure your future physical needs will be met. Additionally, thru the combination of Life and Long Term Care Insurance policies provide tax free, guaranteed benefits with guaranteed rates (your rates can never be increased).
The Wall Street Journal, "Should You Purchase Long-Term-Care Insurance?" May 14, 2012. Cole.
The Wall Street Journal, "Should You Purchase Long-Term-Care Insurance?" May 14, 2012. Cole. SHARE YOUR THOUGHTS: Aaron Skloff, AIF, CFA, and MBA December 18, 2014.