Buying Long Term Care insurance means:
- You won't be a burden on your family. They will be free to manage the professionals providing your assistance; to care about you; plus help as they can.
- Your children won't have the very emotional and difficult task of providing a parent help with personal functions!
- You won't have to worry 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.
- You can be at home and in control and independent as possible. Thus, you can retain your dignity.
How does this special insurance I like to call
Key Family Protection© work?
How does this special kind of insurance help you?
Provides a pool of funds to hire professionals to provide assistance. The amount is guaranteed and acts like a wall around your savings.
Your "pool" will grow to be significant. For example, a Single person age 55 selects 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 annual Benefit pool would have grown to $940,831.
Provides professional care giving counselors to meet with you when a life situation happens. Assistance options in the area are reviewed with you and family and a plan is developed for the kind of help needed. The counselors are independent from the service and support providers you use.
Call John C Parker today - 860.739.0005 - to meet for a free consultation on what it can mean to you.
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.
Some points about the plan's premium:
- The amount is based on your age the date you apply, your health situation at that time, and a very important factor - the level of benefits you select.
- What ever might be paid it's just pennies on the dollar in comparison to the significant funds you would need to have set aside to pay for help yourself.
- It is much lower than the premium cost vs risk of insurance such as home or auto!
An important but little understood value - owning insurance has a positive affect on taxes!
Funds received from insurance are tax free! In addition, the IRS allows a person who purchased a tax qualified Long Term Care insurance plan to take an age based partial deduction. It happens when they complete their IRS 1040. Here are the allowable amounts and other details. On the other hand if you withdraw funds from investments to pay for help each dollar will be taxable!
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.