Long Term Care Insurance Planning Tips

People are living longer than ever these days and with that added longevity come caring for the ones who die slowly.  Two out of five Americans will eventually need long-term care at some point in their lives before they pass away.  The problem is that most people assume Medicare will pay for your long term care and it simply does not.  Medicare will pay for the first 20 days of care in a nursing home and after that there is about a $120 per day’s deductible that you’ll have to pay for, after that Medicare will pay an additional 80 days.  After that 100 day period you’re on your own until you exhaust your nest egg, and then at that point you may be eligible for welfare (Medicaid) to pay the nursing home bill.  Having long-term-care insurance serves several purposes and an important one that’s often overlooked is the pressure on a spouse or family member to be the primary caregiver that is lessened by having the insurance.  

When shopping around for your long-term-care insurance policy, be sure to buy it from at least an A rated carrier from an insurer with at least 5 billion in assets.  A few of the best carriers are John Hancock, Genworth Financial, Allianz Life, Met Life, Prudential, and Mutual of Omaha.

At LTCtree we are a bit different, we’re not going to try and give you a sales presentation at your kitchen table…we’ll actually mail you the info so you can review it at your own pace and with no pressure.  Most of our clients are good with conference calls and email so if our efficient process sounds like a good fit for you take a minute and fill in the form below.  Either way, thanks for reading our blog…we really appreciate it.