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Long Term Care insurance has a stigma that many people relate to nursing home insurance and who wants to buy that?  The government will take care of me in my old age if I give my kids all my assets then I can get Medicaid and Medicare to pay for it?  Those are the two most common misconceptions that guide most people’s thinking about long term care insurance.  Those who have taken care of loved ones realize what a great benefit a long term care policy would have been.  The reality of getting the government to pay for putting you or your spouse in a facility is very slim and requires bankrupting your estate in the process.  There is a better way.

            Long term care insurance is a key piece of the puzzle for your long range financial planning.  The design of the current policies is to provide you funds to pay for the care you need in your home, in an assisted living facility or in a worse case situation in a nursing facility.  You need to buy long term care insurance before you reach age 65 to get the best rates and the best coverage forms.  You can buy it up to age 75 but the premiums will be very high.  There is another option for long term care if you own an annuity or IRA that you can roll into a special long term care program.  In that case, you don’t have to pay a premium, you can get to your money if you need it and if you don’t utilize the long term care part it will pay a death benefit.

            The benefits of long term care insurance are peace of mind that you will have the funds to pay for home care or assisted living arrangements at your choice.  You will protect your estate from being absorbed by health care costs.  Many of the plans have premiums that are tax deductible.  You will not be a financial burden on your family if you do need the care. 

            Long Term Care insurance is not cheap but it is worth the cost in premium.  It is important to buy the right policy for you that will perform as advertised when the need arises.

            We stand ready to assist you with your long term care insurance needs.

My contact info: Andy Herzfeld (Certified Insurance Counselor),(Certified Risk Manager)
Herzfeld Inc. – Owner
Office #501-315-3015
andyh@herzfeld-insurance.com

Posted 2:49 PM  View Comments

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