Long Term Care insurance information

There are Three Basic Options when considering long term care.

1. Traditional Long Term Care with a monthly premium.
2. A Whole Life Insurance Policy with a long term care option.
3. An Annuity with a long term care option.

The traditional, comprehensive Long Term Care Policy gives you the following;

1. A basic benefit such as up to $600 per day to cover expenses.
2. An inflation rider so your benefit will keep up with future costs.
3. A waiting period before benefits start, typically one to three months from the day you are certified as needing care.
4. A specific term of time such as 2 years, 5 years, to age 65 or lifetime.

With both business and personal plans, multi life discount are often available. In personal situations the people involved do not need to be married. For example, a brother and sister can be on the same plan.

The Deficit Reduction Act has made buying a Long Term Care Plan even more attractive from a estate planning perspective. In most cases, people would rather make their own decisions on where to stay when care is needed rather than have Medicare decide for them.

We are living longer lives. Medical advances, nutritional awareness, Smoking cessation programs and prescription drug advances are combing to keep us comfortably alive for extended periods. Having a long term care plan has never been more important.

What did you have in mind? Let’s find a solution together. For more information on this and other subjects call Bruce at 407-765-9444 or fill out the form on our Contact Page. You may also refer to out Learning Center on this subject in the menu on the left.