Protect Your Assets from Loss Due to Long-Term Care Needs

Are your hard earned dollars protected? If you or your spouse were to incur a catastrophic health loss and be in need of long-term assistance, do you have the coverage to pay for that assistance? If not, your retirement dollars could be reduced rapidly if you or a family member were in need of long-term care.

You may be thinking you may never need long-term care. This year, about nine million men and women over the age of 65 will need long-term care. By 2020, 12 million older Americans will need long-term care. A study by the U.S. Department of Health and Human Services says that people who reach age 65 will likely have a 40 percent chance of entering a nursing home. About 10 percent of the people who enter a nursing home will stay there five years or more.

It is important to think ahead about how you will fund the care you get. Let me give you a  few reasons why this protection is so important:

• Medicare will not take care of your long-term care needs. Medicare pays only for approved charges, only for skilled and rehabilitative care, only after three days of hospitalization, and only for a maximum of 100 days per diagnosis.
• Your family may not be in a financial position to help pay for the care you require, when you need it. Currently, a one year’s stay in a nursing home is estimated to cost $41,000 as a national average. If you consider even a conservative inflation rate of 5 percent per year, within the next 25 years, one year’s stay in a nursing home could cost more than $100,000.
• Medicaid will pay for required care only after a person’s existing assets have been “spent down” to meet state and federal guidelines.

One of my clients said it most eloquently: “Having a Long Term Care Policy is a letter to my kids. It says I’ve made plans. It says, don’t worry about putting Dad or Mom in a nursing home.”

As a professional committed to helping people protect themselves against the risks of long-term care costs, I encourage you to take this topic seriously. It can impact you and loved ones.

Some things I believe you need to know about long-term care:

You’re probably not covered. Many people mistakenly believe they are covered for long-term care, but this assistance is not typically covered by your health or long-term disability insurance or Medicare.

Government programs aren’t designed to pay for all your long-term care needs. Medicare only pays for skilled care, while Medicaid only covers the very poor – those whose assets are at or below state-required levels. These programs often don’t cover care provided in your own home.

Long-term care doesn’t mean nursing home care. In fact, the majority of people who need long-term care remain in their own home or in their community. Most long-term care insurance policies will cover people in all care settings including the home. That’s a significant benefit.

Your age and health make a big difference in what protection costs. Many people put off looking into long-term care insurance protection. Waiting to plan can be a mistake because the cost of insurance is based on your age, increasing as you get older. Your health is also a most important factor. Waiting to plan can be a costly mistake because a change in your health can make you ineligible for this protection (no matter how much you are willing to pay).

I am please to announce that Jerry Hast has joined me at InsuranceMakesMeSick.com.  Jerry has over 30 years’ experience in assisting people to plan for Retirement, and that is why I wanted him to join me in helping protect your family’s financial security.

Why not find out how much long-term care insurance protection costs? There is not cost or obligation to find out how much long-term care insurance protection costs. Why not find out now. It’s an important first-step to take.

Also, think how learning more about Long-Term Care can benefit your parents, grand parents, and even your brothers and sisters. While there are a variety of ways to pay for long-term care, it is important to think ahead about how you will fund the care you get.

Call  Jerry  at (972) 226-0123 to discuss the advantages of Long-Term Care Insurance or to set up an appointment.