The value gained by owning Long Term Care insurance includes:
- Not becoming a burden on family who will then be free to hire and manage the professional providing your assistance; to care about you; plus help as they can.
- Children won't be faced with the very emotional and difficult task of providing personal care to a parent!
- Not having to worry about the conflict, which often develops among children, when their parents savings nest egg is being spent for the care of one parent vs retaining these funds for the other, or to leave as a legacy.
- Being able to maintain as much independence as possible and thus retain your dignity.
How does this special insurance I like to call
Key Family Protection© work?
How does this special kind of insurance work?
Buying creates a special pool of funds, which are guaranteed and available to hire professional help. This means you can be in control of when and where help will be received. Having a pool of funds functions as a wall around your savings.
The growing pool of money provides significant value. A Single person age 55 who selects a plan with a three year Benefit Period; an initial Benefit Amount of $7,000 a month; inflation protection; and then looks to the future, e.g. say at age 82, when assistance might be needed the 5% compound inflation option results in a Maximum Benefit pool of $940,831.
Access to professional care giving counselors as soon as a life changing situation happens. Counselors meet with the individual and family to increase understanding about the assistance options in the area; to develop a plan for the kind of help needed; and provide emotional support. These professionals are independent from any service providers they may use.
What determines the cost of this coverage? Your age on the date you apply and your health situation at that time are the main factors.
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, significant state and federal over spending raises the big question - Will MedicAID funding, which is not guaranteed, continue at today's level?
- Some think it will so they are thinking about waiting and then apply for MedicAID if needed.
- Many think welfare coverage will be reduced and just don't want to find themselves in the kind of lifestyle which comes with MedicAID.
Note: In Connecticut, because of very low reimbursement MedicAID 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 cost of coverage:
- The premium paid over time, what ever it might be, amounts to just pennies on the dollar in comparison to the significant funds you would have to come up with to pay for help yourself.
- A plan's premium compared to the big risk of needing high cost assistance is lower than the premium cost vs the risk of the other kinds of insurance we have!
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 - it has a positive affect on taxes!
Having to withdraw funds from investments to pay for professional long term services means taxes will be due on each dollar withdrawn. On the other hand funds received from insurance are tax free. The IRS also 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.