States are starting to propose and pass legislation that creates a new tax on individuals if they do not own private LTC insurance. Washington State passed the first law of this kind last year, and 13 other states (including California and New York) are considering similar legislation.
After reviewing plans, you can select a plan to get started and begin the application process. During the application process you will be asked personal information including some questions on your medical history.
How do you design an LTC Insurance plan? We’ll make it easy!
LTC: What It Is and Why It Matters
Why Long Term Care Insurance
Many of us have seen families caring for adults needing care, whether due to accident, illness or advancing age. It can be extremely hard for everyone. It is MUCH harder if money isn’t available to pay for help or care when it is needed.
We like to think it won’t happen to us or won’t happen to our loved ones. Current Americans are living 20 years longer than previous generations, so needing a year or two of care or assistance is now more the norm than the exception. In fact, most of us that live to 75, 80 or 90 will need some help along the way. Statistics show 50% of 50 year olds, 70% of those reaching 65 and 80% of those living past 85 will need some assistance with activities of daily living.
Many people are considering planning for this to be a crucial part of retirement security. There are different ways of accomplishing this so learn more by watching one of the videos or exploring this site and your options.
3 Components to Designing a Plan
Inflation Protection and Home Care
We can help provide some suggested plans at different pricing points and you can watch the video to learn more as well. Additionally, you can speak with a LTC specialist to design a custom plan or to just ask questions while you review plans.
The 3 most basic features of long term care plans are:
The monthly or daily benefit payout amount (provides a monthly income, i.e. benefit payment).
The total maximum coverage or lifetime benefit amount is the total dollars available to be paid out by the policy over an individual’s life.
Many people add an inflation protection feature that grow the monthly benefit and the maximum benefit year over year. This helps keep pace with the increase in the cost of care over one’s life. It is certainly something a younger buyer would want to consider.
.png){kind=logo}
