Long-Term Care Insurance
Do you have a plan for aging in place?
Time goes by in the blink of an eye.
One minute you’re holding your newborn baby, the next minute you’re teaching your grandchild to ride a bike. Life keeps us on our toes with not only joyful moments, but challenges as well.
As many individuals now live well into their 80s and 90s, more and more Americans are feeling the need for hands-on care. As you age, will your children be responsible for your financial welfare? Will they be equipped emotionally, physically and financially to become your care provider? Or will you want to have a long-term care plan in place for caregiving outside your family?
Critical Illness Protection
Who Will Care for You When You Can't Care for Yourself?
Life happens. Critical Illness Protection can cover medical expenses from a heart attack, stroke, or cancer. In most cases, this protection pays in a single cash lump sum to offset financial short-falls due to loss of income, health insurance and co-payments, household expenses or travel for treatment.
The Value of Long-Term Care Insurance
Long-Term Care Insurance covers a range of services designed to assist you, including everyday tasks some individuals are no longer able to complete on their own. These include basic personal care needs, such as bathing, continence, dressing, eating, transferring and toileting. Hands-on care by a certified trained assistant can be completed in your home to maintain your independence. Yet, Long-Term Care Insurance benefits also covers outside of the home, such as care in assisted living facilities, memory care and nursing homes. It’s very important to note: Health insurance and Medicare do not cover the costs of long-term care.
Case Study: Long-Term Care Insurance
Read Margaret's Story
Long-Term Care Solutions & Options
Since medical science and technology aids in people’s longevity, the need for hands-on assistance is virtually inevitable once you reach your 80s and 90s. The common ways to pay for care is:
Home Health Care, Long-Term Solutions & Options: How will you pay for it?
Personal Savings, Self-Funding or Self-Insured
Liquidity, Market Volatility and Tax Consequences
Family and or Friends
Mitigating emotional and financial burdens
Medicaid
Draw Down Assets to Less Than $2,000
Consider Options that Shift Your Financial Burden to the Insurance Company
Short-Term Care Insurance
Home Healthcare and Long-Term Care Up to 360 Days
Traditional Long-Term Care Insurance
Provides Maximum Benefits – Make the most of these, don’t lose out!
Critical Care or Critical Illness Insurance
Pays Out Lump-Sum Cash Benefit
Life Insurance with Long-Term Care Rider
Combination of Life and Long-Term Care Insurance Benefit Options
Asset-Based Life Insurance with Long-Term Care Benefits
Reposition Assets with Tax and LTC Benefits
When Is the Best Time to Purchase a Policy?
The best time to secure Long-Term Care Insurance is before you need it. Unfortunately, there’s no way to know when that might be.
So, there are 2 important factors you should take into account when purchasing a policy:
Your Age
The cost of Long-Term Care Insurance is based on your age when you purchase the policy. That means each year you wait, the cost of the policy increases.
Your Health
Your ability to purchase a policy is based on your good health. While you might be healthy today, a change tomorrow could make you ineligible for coverage.
Source: https://www.mutualofomaha.com/long-term-care-insurance/calculator
Why Wait? Contact Us Today!
Give us a call or send us an email today so we can help you determine the best Long-Term Care policy for you.