Long Term Care Insurance (LTC)
What we Offer
Long Term Care Insurance (LTC)
LTC Insurance pays for personal care which is not paid for by medical insurance. The six acts of daily living which are only covered by LTC and NOT by medical insurance are:
- The ability to clean oneself and perform grooming activities like shaving and brushing teeth.
- The ability to get dressed by oneself without struggling with buttons and zippers.
- The ability to feed oneself.
- Transferring from a bed to a chair
- Toileting
- Continence
Long Term Care Myth: “I do not need to purchase Long Term Care Insurance because Medicare will pay for it” Call Mark to discuss this further!
Caregivers charge from $20 to $40 an hour in your home. This adds up quickly. Having someone 5 days a week for 8 hours a day would cost between $800 to $1,600 each week. How long will it take to go through your assets to pay for home health care?
We are living longer than ever these days and LTC is fast becoming one of the most important insurance coverages to own. There are two basic designs for LTC insurance policies available today.
- Use it or lose it polices
- Asset based policies
The “Use it or Lose it policies work like car insurance in that if you never use the LTC insurance then the premiums you paid are gone. Similarly, if you pay your car insurance each month and never get into a car accident then all the premiums are gone.
On the other hand, the Asset based LTC policies are an asset with Value. As a result, if you pay your Asset based LTC premiums and do not use the LTC benefits, when you pass away, your beneficiary will receive a tax-free lump sum of money more than what you paid into the policy in premiums. People generally prefer these asset-based policies because we do not know if we will end up needing to use the LTC benefits and so all the premiums we spent and then some will go back to your family TAX FREE.
Call Mark to schedule an appointment to discuss what this would look like for you!