Long Term Care Insurance “ WHO NEEDS IT ANYWAY??
The United States is in the midst of a significant and growing caregiving crisis as an AARP report said that almost 20% of U.S. workers provide care today and 49% expect to provide care in the next five years. Here in the DFW area, long term care costs averages $65,000 per year. This number is expected to triple in the next twenty years.
Since Medicaid pays only after most assets are spent, the time to seek financial planning advice is during the pre-retirement years – 40’s to 50’s when health is good and options are lower in costs.
Think about it, if you die prematurely, you probably have life insurance to protect your family. If you become disabled, you probably have disability income insurance to replace your earnings while you recover. What if you not only lost your income but also created a $5,000-$6,000 per month caregiving expense you had not planned for. This is what long-term care is.
You must be very rich, very poor, or have long-term care insurance to cover this biggest and most likely threat to place a crack in your retirement nest egg.
The statistics show that at age 65, the odds are 50% that you will have a long-term care need either at home, in assisted living or in a nursing home. Even more shocking is the statistic that shows over 40% of the benefits being paid for long term care services are under the age of 65. These are working age adults who need care for a long period of time.
Call us today to answer the following questions just for you:
1. Do I need Long-term Care Insurance?
2. How much do I need?
3. Won’t Medicare pay for my long-term care needs?
4. I have heard it is hard to collect benefits for long-term care.
5. What if I die after paying for 10 years? Can I get a refund?
6. Will the policy pay for my family to care for me?
7. What if I get a dreaded disease like Parkinson’s, or have a stroke, or muscular dystrophy or severe arthritis or (your own concern here)? Will the policy pay?
8. My financial advisor said to wait until I am 65 to look at long term care, is this a good idea?
We can answer all of these questions and many more during a free consultation for you and your spouse or decision partner. Call today to set up an appointment and get your peace of mind knowing you have covered or lowered your exposure to this tremendous risk to your golden years.