Long Term Care Insurance

Long Term Care Insurance Plan*

The largest unfunded financial liability, and the greatest risk to our retirement nest egg that many of us face today is the threat of a Long Term Careneed. Married couples, once they reach age 65, have almost a statistical certainty that at least one of them will need Long Term Care in their lifetime. Nursing home care can easily cost over $70,000/year in the Central Virginia area, and Home Health Care can cost almost as much. With the average Long Term Careneed lasting almost 3 years, not many of us are prepared to spend $200,000 or more out of pocket to meet this expense. In fact, most families who try to "self insure" for Long Term care, wind up exhausting their assets in less than a year!

Medicaid is not a viable option for most people either. Most of us do not want to go on "welfare" which is what Medicaid is, and many states today have Federally mandated "Asset Recovery" laws in place. This means that the State, can by law, recover what they paid for your Long Term Care costs by selling your home or other possessions after you and your spouse are gone! Ask us for a copy of the article, "Should Kids Pay For Mom".

A properly designed Long Term Care InsurancePlancan help keep you OUT of a nursing home. Purchasing a Long Term Care InsurancePlancan not only help you maintain your independence but preserve your assets for your spouse and heirs. It also allows you to decide where you get your care, at Home, an Assisted Living Facility, Adult Day Care, a Nursing Home or even in a Hospice.

Additional Considerations When Shopping For Long Term Care Insurance

When considering a Long Term Care Insurance Plan, there are many features to look at and consider. There are "Tax Qualified" and "Non-Tax Qualified" plans. Each has slightly different triggers for benefits to be paid. Features that directly affect the cost of a Long Term Care Insurance policyinclude the "Elimination" period, the "Length" of the benefit period, the "Amount" of the total plan benefits, the type of "Inflation Protection" built in (none, simple, compound CPI or GPO), your age and whether you are applying with someone else. Many insurers offer discounts when a spouse or another household member applies with you.

Other things to look at when considering a Long Term Care Insurance Planinclude, does the plan provide at no cost to the insured a "Care Manager", is there a "Bed Reservation" feature and how long is it? Does the plan offer "Respite Care" or "Restoration of Benefits"? Is the plan "Reimbursement" based or an "Indemnity" plan? Also, look at the rate increase history of the insurer. Have there been multiple rate increases in the last few years?

The important thing to do is to consider your options now. None of us can predict the onset of a heart attack, stroke or cancer, and debilitating illnesses like Parkinson's or Alzheimer's give very limited advanced warning. You must be able to qualifyfor Long Term Care Insurance. Don't wait until your health changes and it is too late!

We are an independent agency and we offer LTC insuranceplans from all the top rated companies (as well as some non-traditional plan options). Donald L. Unger, the president of our agency has been providing help to our clients with LTC planning since 1987. We are confident that we can find and design a plan that is right for you.

If you live in Richmond, Henrico County, Chesterfield County, Hanover County, Powhatan County or Goochland County and would like more information on Long Term Care insurance, or a free Long Term Care Insurance quotefrom some of our many carriers, please use the form below, and we will get you the information shortly. All information will remain confidential. You can also call us at 804-741-4972 to request a no cost, no obligation consultation to help you determine exactly how muchLong Term Care insurancecoverage you might need.We have been helping customers with theirLong Term Care Insuranceneeds for almost 25 years.

*Offered through Old Dominion Insurance & Financial Services, Inc.