Why you need Long Term Care insurance:
Many of us are counting on the government, our children, or our savings to take care of us in our old age.
Maybe we have seen our parents in a nursing home and we want to block it from our mind or maybe we think we're too young to worry about it. What ever the reason, even thinking about nursing homes makes us nervous and too aware of getting old.
Not buying Long Term Care insurance however, can be one of the most expensive mistakes you will ever make.
What are you options?
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Medicare pays medical expenses. It almost never pays for custodial care, the kind of day to day care people typically need as they get older.
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Medicaid is welfare. Even if you could qualify you wouldn't have much choice in who provided your care or where. Take a tour of the assisted-living homes in your area that accept the new Medicaid patients before you throw yourself at the mercy of the state.
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Living with your children is another option you may have. You may assume that your children will take care of you, and that may be the case but what happens if they are raising their own children and/or working long hours when you need care? What may be fine with your daughter may not be with your son-in-law.
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Using your savings to pay for your Long Term Care is always in the front of your mind and if you have substantial wealth, that may work for you. Families with more limited savings may go through their money in two or three years. At $5,000 a month or more, Long term care cost can quickly deplete your savings.
- Long Term Care insurance is the best solution in most instances. Some experts recommend buying Long Term Care insurance by the time you reach your 40s or 50s. The rates are lower at that age and you can't be locked out of the market if you develop a medical condition later on that would exclude you from purchasing a policy.
What Long Term Care insurance provides:
The most important item is peace of mind!
As an independent broker, we are able to tailor a plan based upon your individual circumstances. You have a choice for the number of years the plan will pay for your care, what percentage of the daily nursing home charge is covered, the amount of flexibility for assisted living programs, and many other options. We will also explain tax implications, etc., depending upon the plan chosen. Depending upon the options select, we are able to customize a solution for you from one of our leading Long Term Care insurance companies, ensuring you get the benefits where and when you need them.
In order to serve Texas residents better, we suggest you fill in our online Long Term Care insurance form, contact us by email or call us at 281-238-6038 to arrange a free consultation on your Long Term Care insurance needs.
