Long Term Care Insurance Specialist
Long term care insurance is an important part of a complete retirement plan.
You’ve worked too hard to save enough for retirement, only to see your nest egg disappear when an accident or chronic illness occurs.
Why buy Long Term Care Insurance?
When I meet with people, I ask them why they are looking into long term care insurance. Most often, it’s because they’ve had a personal experience with a family member.
Some have been in a situation where they were caring for an aging parent. Even though they were happy to have been the caregiver, they do NOT want to do the same thing to their own children.
Isn't it the same as long term disability insurance?
Many companies offer disability insurance to their employees. It is often confused with long term care insurance, so some people mistakenly believe that they have long term care insurance when in fact, they don’t. If they should become disabled and unable to work, the disability insurance will replace a portion of their income, so that they can continue to pay their bills.
Long term care insurance in contrast, pays for caregivers to help with activities of daily living.
Reasons to plan:
- To have choices when it comes to care
- To not be a burden on family/spouse
- To not use retirement assets to pay for care
- To not have to go on welfare to receive care
- To leave an estate for heirs
Long term care insurance pays for custodial care, as well as other levels of care. In other words, it pays for caregivers to help you through your day when it becomes difficult for you to perform the activities of daily living (ADLs) without assistance due to accident, illness, or the effects of aging.
Typically with a couple, the first spouse to need care is dependent on the healthy spouse and the couple’s personal assets to get through the situation. Often, the second spouse is left impoverished. Certainly that isn’t the couple’s intent when they planned for their retirement years, but leaving out this piece of the financial puzzle can have devastating effects.
Others have watched as a parent went through all of their personal assets paying for care. The adult children are often placed in the position of helping to pay for the care, or helping the parent apply for Medicaid.
These are certainly strong motivators, and people who have had that kind of experience are usually anxious to apply for coverage for themselves after seeing the effects of not planning.
For a copy of
"The Ten Things You MUST Know Before You Buy Long Term Care Insurance"
"Thanks for all your help. I appreciate the personal attention you gave us, as we worked through this process. It would have been impossible without you."
Ken Bronstein, Bellingham WA