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Carla (Full Site) Workman, LTCP
LTC Insurance Advisors
Long Term Care Specialist
Tallahassee, FL
(850) 656-2433 Phone
carlaltc@comcast.net
www.ltcadvisor.info/carla


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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 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 should NOT consider buying long-term care insurance if:
  • 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.

Don't Make One Of These Mistakes!

"My children have promised to care for me, so I don't need any long-term care insurance."

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 are:
  • 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?
"I don't need long-term care insurance because I already have a disability income policy."  

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.

"All 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.



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