You gain value (advantages) by owning Long Term Care insurance:
- Not having to burden your family. They will be free to manage your assistance professionals; to care about you; plus help as they can.
- Children won't have to face the very emotional and difficult task of providing personal care for a parent!
- Not worrying whether conflict among siblings will develop. Things such as having to spend their parents savings nest egg vs retaining funds for the other's retirement, or to leave as a legacy.
- Can retain your dignity and maintain as much independence as possible by being at home.
How does this special insurance I like to call
Key Family Protection© work?
How does this special kind of insurance work?
The plan creates a pool of funds to hire professionals so you can be in control of your assistance. The pool amount functions as a wall around your savings and is guaranteed.
Having a pool of money is a significant value. A Single person age 55 selects, for example, a plan with a three year Benefit Period; an initial Benefit Amount of $7,000 a month; and adds the 5% compound inflation option. Looking to the future, say at age 82, the Maximum annual Benefit pool would be $940,831.
Professional care giving counselors are available to meet with the individual and family when a life situation happens. Assistance options in the area are reviewed; a plan for the kind of help needed is developed; and emotional support is provided. They are independent from any service and support providers.
What determines the cost of this special kind of health insurance? Your age on the date you apply, your health situation at that time, and a very important factor today - the level of benefits you select.
Call John C Parker today - 860.739.0005 - to meet for a free consultation.
What about government coverage?
Some people think MedicAID will pay. However, the question becomes - will MedicAID funding, which is not guaranteed, continue to provide assistance at today's level?
- Some think it will so they plan to apply if needed.
- Many just don't want the kind of lifestyle, which comes with MedicAID.
Note: In Connecticut, because of very low MedicAID reimbursement rates, assistance is usually only available in certain nursing homes. More information on how government care works.
What does all this tell us?
No one can predict tomorrow thus the saying - "Life is what happens when you are making other plans" really emphasizes why owning this special kind of health insurance is so important.
A couple points about the plan's premium:
- What ever might be paid amounts to just pennies on the dollar in comparison to the significant funds you would need to pay for help yourself.
- It is lower than the premium cost vs risk of insurance such as home or auto!
Bottom line - Buying "long term health insurance", is the most economical way to avoid having to pay expensive on going assistance yourself.
An important but little understood value - owning insurance has a positive affect on taxes!
Funds received from insurance are tax free! On the other hand when funds are withdrawn from investments taxes will be due on each dollar used! The IRS allows a person who purchased a tax qualified Long Term Care insurance plan to take an age based partial deduction when they complete their IRS 1040. Here are the allowable amounts and other details.
Call John C Parker today at 860.739.0005 to talk about these values. I will get back to you if not available.
Important information on the advantages of taking action today to plan for long term care services is on the next page.
John C Parker, has achieved professional designations as a Long Term Care Insurance professional and a Registered Health Underwriter. John is licensed to conduct business in CT (644135) and RI (1058420) and does not solicit or sell in other states.
This site shares insights from extensive involvement in professional associations, industry conferences, working with leading Long Term Care Insurance organizations, and individual research. These pages do not advocate a specific company or plan.