What does Long Term Care insurance do?
- Gives you peace of mind knowing you won't become a burden on family. They will be free to manage the professionals providing your assistance plus care about you and help as they can.
- Allows you to be at home, remain as independent as possible, and retain your dignity.
- Frees your children from the difficult task of helping a parent with personal functions. Helping you, for example to use the toilet would be very emotional for them!
- Means conflict among siblings won't develop over spending their parents savings nest egg for one vs retaining these funds for the other's retirement.
How does this special insurance I like to call
"Key Family Protection"© work?
How does this special kind of insurance work?
• When you buy a plan a guaranteed pool of funds is created, which can grow to be significant.
For example: A Single person age 55 selects an initial Benefit Amount of $7,000 a month or $84,000 a year; a three year Benefit Period; and adds the 5% compound inflation option. When this person is, say age 82, the annual Benefit pool would have grown to $940,831.
• When a change of health happens independent professional care giving counselors are available to discuss assistance options in the area and develop with you and your family a plan for the kind of help you agree is needed. Counselors are not connected to any service and support providers you may decide to use.
Call John C Parker today - 860.739.0005 - for a free consultation on your interests and what this special insurance, which is best called "long term health insurance" can mean for you.
What about government coverage?
The question to think about - will MedicAID's funding for assistance, which is not guaranteed, be available in the future at today's level?
- Some think it will so they plan to wait and apply if needed.
- Many don't want to live the kind of lifestyle, which comes with MedicAID's long term services. They believe their dignity would be lost.
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.
Some points about the cost of a plan:
- The amount you pay is based on your age the date you apply, your health situation at that time, and a very important factor - the level or amount of benefits you select.
- Long term services are very very expensive in CT so what ever you pay for a plan will be just pennies on the dollar in comparison to the significant funds you would need to pay for these services yourself.
- When you look at the cost vs risk of your home or auto insurance vs the cost/risk of long term health insurance you will find it is much lower!
An important but little understood value - owning insurance has a positive affect on taxes!
The money received in benefits from your plan's pool of funds are tax free! On the other hand each dollar withdrawn from investments to pay for help directly will be taxable!
The IRS also allows a person, who purchased a tax qualified Long Term Care insurance plan, to take a partial deduction. The amount is based on your age and is taken when completing the IRS 1040. Here are the allowable amounts and other details.
Call John C Parker today at 860.739.0005 to talk about this. I will get back to you if not available.
Some of the advantages of taking action today to plan for long term care services are 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.