This is the second part of our tow part series on long term care insurance.
There is no question that most Americans are living longer, and that means our later years can create financial concerns for our families and ourselves. Healthcare services for seniors can be expensive. For example:
Long Term Care Insurance Coverage Features
|Flexible Payment Options||Allows you different payment options|
|Lifetime benefits||Selected coverage can continue till end of life|
|Inflation guard||3% or 5% inflation protection|
|Discount pricing||Some companies offer discounts for employer or association plans|
|Daily Benefits Options||Daily benefit can run between $50 to $300 per day|
|Federally Tax Qualified||Many plans are tax qualified. In fact, business owners can deduct the premiums of a LTC policy, yet receive the benefits tax-free!|
Coverage varies between insurers, please contact us for a free detailed quote based on your needs.
Dan and his wife, Melissa, had watched his parents transition from living an independent and active lifestyle to needing assistance with basic daily activities (bathing, dressing, etc). Dan’s parents had an LTC policy with a limited benefit amount. Dan’s mother, who needed care for many years, exhausted her benefits and was left to pay for care via her savings and income.
Dan and Melissa’s agent designed an Essential LTC policy that included a Shared Benefit Amount rider. This provided a third benefit pool, available to either or both of them, if they exhausted their benefits under their respective base plans. With the knowledge that each of them could have additional benefits, if needed, Dan and Melissa look forward to sharing a comfortable retirement!
Sources for this article
The 2014 Sourcebook for Long term Care Information, AmericanAssociation for Long Term Care Insurance, 2013, Essential LTC
For the purchase or information on any kind of personal insurance products for clients in Longmont, Colorado, contact our agent Steve Longenecker.