Long-Term Care Insurance is Right Choice For You: Bikes and Long-Term Care Insurance Deal

Long-Term Care Insurance is Right Choice For You

Given the potentially devastating costs of a nursing home, home care and assisted living, long-term care insurance may be the most practical answer to the problem of someday needing help with the activities of daily living. No one wants to take the chance that all the savings may go to one or both spouses. If the savings goes to the first spouse who needs care, what happens to the spouse that is left? Welfare? To put it bluntly, it’s inevitable that someone will need some type of long-term care.

There are guidelines that seem to make sense when considering long-term care insurance.

• You have $75,000 or more per person in assets, excluding a home and a care
• You have a retirement income of at least $35,000 per person per year.
• You can pay the premium with adversely affecting your lifestyle
• You could absorb up to a 30% increase in future premiums, if necessary.

These guidelines are not absolute because everyone’s situation is unique. That’s why it is important to seek the counsel of a professional. Ideally, a long-term care specialist with additional education and training in the matters of long-term care financing and planning (LTCP, CLTC). A specialist can help sort out the different policies making it easier to compare one plan to another.

It is important to be an educated consumer. An independent agent, one who represents many carriers is helpful as he shows no bias to one company or another. He will do what is in the best interest of the client. He will even advise the client if long-term care insurance does not make sense for them.

Now that you have decided that you want to investigate what long-term care insurance is all about you also have to understand that there are underwriting guidelines that you have to pass in order to purchase a policy. Your money helps pay for the policy, but your health status is what qualifies you for the policy.

Your independent agent will initially collect some health data from you. It is sad to say, but there are many issues that make people uninsurable. These issues can be one or a combination of health issues. Certain prescriptions drugs make people uninsurable. After, a brief conversation about your health, the long-term care specialist will know whether to submit an application to the carrier. The advantage the independent agent has is that he knows the “sweet spots” in the different carriers and can make an intelligent decision of where to submit the application. An example is that some carriers will not take an application of a person with insulin dependent diabetes and some will depending upon the dose of insulin.

In conclusion, it is important for the consumer to understand what long-term care is, where it takes place and how it can be paid for.

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Long-Term Care Insurance is Right Choice For You

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Long-Term Care Insurance Deal

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