Who Should Consider Long Term Care Insurance?
"...IS IT THE RIGHT DECISION FOR YOU?"
Is long-term care insurance
appropriate for you?
The purpose for insurance of any
kind is providing "peace of mind" should the unexpected or undesired
thing happen which can affect you and your life seriously. A well-designed
long-term care policy will do just that and can be one of the best financial
choices you can ever make. It will provide the necessary financial resources to
provide for quality care - at the time and place that you need it.
Should You Buy?
You SHOULD consider buying
long-term care insurance if:
You should NOT consider buying
long-term care insurance if:
You want to protect your income and assets.
You don't want to rely on Medicaid (Medi-cal in
California) to provide for or make decisions about your long-term care needs..
You don't want to become dependent on family or
friends for your care, but remain independent.
You want to be sure that you and your spouse will
receive the best care possible in the place you choose.
You qualify for Medicaid (Medi-Cal in CA) and don't
mind relying on them making the decisions about your care.
You cannot afford to pay the premiums for long-term
care and they would be a financial burden for you.
It is important to take some
time to consider the different features and benefits available in long-term
care. As you read through this section, you will see what makes a good policy
and what you should include in your long-term care policy.
You should consider the following
items before considering the details of a long-term care insurance policy.
The benefits you would potentially receive should be
greater than the amount in premiums that you will pay in your lifetime.
The policy should be customized to your needs rather
than a generic plan.
The policy needs to have premiums that you can
afford, now and in the future.
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Don't Make One Of These Mistakes!
children have promised to care for me, so I don't need any long-term care
Your children probably desire to
care for you because they love you and are grateful for the care you gave to
them. It is rare when children actually tell their parents they wouldn't want
to care for them. Most children promise to never commit their parents to a
nursing home. Because of those promises, many children end up dealing with a
lot of guilt, because they aren't able to fulfill the promise. We need to look
at this realistically. If you are 75 years old, and your children are in their
50's, that means that if you need care at the age of 90, you will be relying on
your children who would be approaching 70. Is it realistic to expect a 70 year
old to provide long-term care for a 90+ year old parent? What if your child
needs long-term care before you do?
Some other questions to consider
don't need long-term care insurance because I already have a disability income
Can your children afford to quit their jobs to take
care of you?
Can they care for you and their own families?
Can you handle the humility involved with your child
having to bathe you or change your diapers?
It would be nice if disability
insurance would pay for your expenses if you need long-term care, but it won't.
Disability insurance only replaces a percentage of you income if you are
disabled. It won't provide the added money needed for long-term care expenses.
A long-term care policy though, is an excellent compliment to a disability
income insurance policy.
of my assets are protected from being spent on long-term care because they are
in a living trust!"
A living trust is still
considered as part of your assets when determining Medicaid (Medi-Cal in CA)
eligibility. Because you have access to these assets, your state would require
that you spend down those assets before qualifying for Medicaid.
Shop Top Companies
Long Term Care Advisors is not locked into a specific company, but provides
long term care insurance plans from these industry leaders as well as others.
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Will You Need Long-Term Care?
Find out more now...
What Is The Length Of Time Most People Need Long Term
Care? Find out what the average length of
Long Term Care is ... Click
here to learn more...