What do you gain by owning Long Term Care insurance?
- Peace of mind knowing you won't become a burden on family. They will be free to manage the professionals providing your assistance, help as the can, plus care about you.
- Can retain your dignity since you are at home and continue to be as independent as possible.
- Won't place children in the difficult and very emotional position of having to help a parent with personal functions such as using the toilet!
- Conflict won't develop between sons/daughters over spending their parent's saving nest egg for one vs retaining funds for the other.
How does this special insurance I like to call
"Key Family Protection"© work?
How does this special kind of insurance work?
• You gain access to a guaranteed pool of funds to hire professional assistance. It can grow to be significant.
For example: A Single person age 55 selects a plan with an initial Benefit Amount of $7,000 a month; a Benefit Period of three years; and adds a 5% compound inflation option. When this person is, say age 82, the annual Benefit pool would have grown from $84,000 in the first year to $940,831.
• When a change of health happens professional care giving counselors can be requested to meet with you and your family to discuss assistance options in the area and develop a plan for the kind of help you need. You do not have to pay for these counselors, they are not insurance company employees, nor connected to any service provider you may decide to use.
Call John C Parker today - 860.739.0005 - We can discuss your interests and what is best called "long term health insurance" can mean for you.
What about government coverage?
The government plan, which can pay for long term services and support is MedicAID (welfare). The question to think about - will today's level of state and federal funding for MedicAID be available in the future since it is not guaranteed?
- Some people 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 may only be 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 big factor - the amount of benefits you select.
- Long term services are very very expensive in CT so what ever you pay for a plan, in comparison to the significant funds you would need to pay for these services yourself, is just pennies on the dollar.
- The cost vs risk of your home or auto insurance is much lower than the cost/risk of long term health insurance!
An important but little understood value - owning insurance has a positive affect on taxes!
The money received in benefits from your plan is tax free! On the other hand dollars withdrawn from investments to pay for help directly would be taxable!
The IRS also allows a person, who purchased a tax qualified Long Term Care insurance plan, to take a partial deduction. It is based on your age, is taken when completing the IRS 1040, and can be helpful for some individuals. 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.