Long Term Care Insurance

 Say no to nursing homes…plan to stay at home!

Plan now to address retaining your quality of life when you may need a little help.

   That’s right, nursing home is not the only solution when you need a little help down the road, but if you don’t plan now, it may be the only one left for you. We call it quality of life planning and long term care insurance is a piece of that plan.

   There are two great misconceptions held by most folks today. One is that long term care insurance really means nursing home insurance and that it is designed for old people. Both are not true. We can show that it makes more sense to purchase long term care insurance when you are even in your 40s than to wait until you are in your 70s. And did you know that nearly 40% of long term care recipients are under retirement age? I’ll bet you didn’t. Most folks don’t talk about long term care until they or a family member needs it…. and then it’s too late. Way too late.

   Quality of life insurance or long-term care is the fastest growing type of financial protection in the industry today. There are good reasons for this growth. Quality of Life insurance completes the financial planning process, and that’s why we are contacting all of our clients, regardless of age, to discuss this vital protection.

   We are unique in how we help our clients conduct quality of life planning. We use the team approach to include your attorney, your doctor and a certified care manager. We help you discuss and plan how you want your care to be managed long before you will ever need it. We can even have a specialist come into your home to assist you in modifying your home to help you stay at home longer, when you need a little help. And we encourage everyone to do this long before its too late.

   Long-term care expenses – like home health care, assisted living, adult day care, and nursing home care – can devastate a family’s financial assets. At $69,000 - $145,000+ a year¹, depending on where you live, it happens to too many families each year. At nearly 6% inflation, those costs are projected to skyrocket over the next 20 to 30 years. Can you afford a $200,000+/year long term care bill? How long will your assets last? Not long if you don’t have a plan.

   There is also a lot of misunderstanding about what private health insurance and Medicare will cover. The bottom line is that they only cover short-term recuperative care. Medicaid does cover long term care costs but you have to be essentially broke before that happens and they don’t pay for extensive home care. That’s the State of Kansas plan. Is that want you want?

   So, when do you need to start quality of life planning? Definitely by the time you are in your 50s and people in their 40s should consider long term care insurance if they can afford it. Remember, your health can change overnight and this will affect whether you can get long term care insurance. The younger you are and the better your health, the lower your premiums will be. There are other options too. This includes what we call a win-win-win option where your long term care insurance has a lifetime return of premium, death benefit as well as a long term care benefit.

Copyright © 2006 The Consultants Business Group

Web Design By: J & J Technology Solutions