LONG TERM CARE INSURANCE
Rising life expectancy means that the potential need for
"long term care" grows with every passing year of
your life. The likelihood is that you or a member of your
family will need long term assistance due to a prolonged illness,
a disability, or general deterioration of your health and
ability to perform routine daily activities. Most long term
care expenses are not covered by Social Security or Medicare,
Medicare Supplement ("Medigap"),
or private health insurance. Medicaid pays for nearly half
of all nursing home care, but you must meet federal poverty
guidelines and may have to "spend down" most
of your assets on health care.
Today the annual cost of home health care ranges
anywhere from $20,000 to $60,000 for three shifts per day.
The annual cost of nursing home care is likely to be
double that -- and one year of high quality nursing
home care can total well over $100,000!!! Because Medicare,
Medicare Supplement ("Medigap"), and private health
insurance plans generally don't pay for nursing home care
or home health care, your personal assets will be left unprotected.
The long term care bills you incur can deplete them and possibly
even eliminate them altogether!
Believe it or not, long term care is an issue that will
eventually affect 8 out of 10 families and individuals directly
or indirectly! That means there's an 80% chance it will
affect you and the people around you, and you may be risking
the financial future of your family or heirs by not planning
ahead! Several options are available, but the choice for
many is Long Term Care (LTC) insurance. By trading off a small
known cost now for an unknown, potentially unlimited one later,
you can preserve your savings and other assets. Not only can
you purchase long term care insurance for yourself, but also
for other family members, such as a parent or your spouse.
This is a very effective way to preserve an estate!
As an independent insurance agent, we can survey the marketplace
on your behalf and then recommend a long term health care
program that best fulfills your individual needs so you can
pay for any necessary long term care while preserving your
assets for your families. If you've ever considered what
could happen to the security of your family's financial future,
you owe it to yourself and your loved ones to find out how
such planning can work for you!
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