Watch out:  Congress sets its sights on managing your long term health care. 

In an article recently published in the New York Times, Congress is beginning to look into offering a long term care insurance plan for everyone no matter what health conditions they may have.  However, there’s some fine print of the bill were to get through:

1.  Pays just $50-75/day
2.  Has a 5 year waiting period, meaning you must pay into it for 5 years before any benefits will be paid.
3.  It’s financially unsustainable.  Even if the bill were to get through and become law, the people that will be joining this plan will be the unhealthy.  They will naturally file more claims and raise the cost for everyone, including the healthy people.  This insured group will be incredibly unstable causing HUGE increases in premiums which will in turn lead to HUGE tax increases.    
4.  It does not address inflation.   What will 50 bucks a day buy in now, much less in 10 years?
   

These points are just a few of the problems off the top of my head.  I feel the government is selling false hope for political gains which is just not right.  When a person begins to builds a solid financial plan it’s certainly does not start with relying on the government, which has still not addressed the insolvency of Medicare and Social Security.  The action of taking control and responsibility yourself by planning through investing and insurance is the best way.  Buying individual long term care insurance will allow you to receive benefits at any point in the future, address inflation and be with a blue-chip carrier that has weathered multiple financial storms over the past 100 years.  If you’d like to learn more simply fill in the form below and we’ll mail you out your quotes.  Either way, thanks for reading our blog.  We really appreciate it.