You can gain advantages (values) by owning Long Term Care insurance including:
- Not becoming a burden on your family. This means they will be free to hire and manage the professionals providing your assistance; to care about you; plus help as they can.
- Children not having to face the very emotional and difficult task of providing personal care for a parent!
- Not worrying whether conflict, which often develops among siblings, will develop. Things such as their parents savings nest egg being spent for assistance vs retaining these funds for the other's retirement, or to leave as a legacy.
- Receiving professional assistance at home allows you to maintain as much independence as possible. This also means 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 work?
The plan creates a guaranteed pool of funds so you can hire professional help and be in control of when and where assistance will be received. The pool also functions as a wall around your savings.
The pool of money provides significant value. For example: A Single person age 55 selects 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, e.g. say at age 82, the inflation protection has resulted in a Maximum Benefit pool of $940,831.
As soon as a life changing situation happens professional care giving counselors meet with the individual and family to review assistance options in the area; to develop a plan for the kind of help needed; and provide emotional support. They are independent from any service and support providers.
What determines the cost of this coverage? Your age on the date you apply, your health situation at that time, and the level of coverage in the benefits you select.
Call John C Parker today - 860.739.0005 We can meet for a free consultation.
What about government coverage?
Some people think MedicAID will be there to pay for any on going assistance. However, the question becomes - will MedicAID funding, which is not guaranteed, continue at today's level? It may not because of significant state and federal over spending! A couple points:
- Some think it will so they are planning to wait and apply for MedicAID if needed.
- Many just don't want to find themselves in 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 coverage is so important.
A couple points about the premium paid for this special kind of coverage:
- What ever might be paid over time, will amount to just pennies on the dollar in comparison to the significant funds you would have to come up with to pay for help yourself.
- Compared to the high cost of needing assistance it is lower than the premium cost vs risk of the other kinds of insurance we have!
Bottom line - Buying "long term health insurance", is the most economical way to avoid paying for expensive on going assistance yourself.
An important but little understood value - it has a positive affect on taxes!
Taxes will be due on each dollar withdraw from investments to pay long term services! On the other hand the funds received from insurance are tax free. 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.
The next page has important information on the advantages of taking action today to plan for long term care services
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.