Health Insurance The Wealth Advocate Insurance Group

Long Term Care Insurance

We are living longer now aren't we? There are 2 reasons most families look for long term care.

They don't want to burden their spouse with the extra cost associated with taking care of them. Which could be up to 85,000 per year. Or they have just taken care of a loved one and don't want their children to go through that experience.
They have seen an estate erode to nothing because of the cost it that long term care has required to take care of someone in their final years.

What alternatives do we have to pay for Long Term Care?

1. Self funded

We could self fund our long term care and pay the 85,000 on average annual cost out of our savings.

2. Medicaid

After all of our assets are used up we could let the state take care of us in a state run facility.

3. Private Insurance

There are basically 2 types of private Long term care insurance. '

Traditional Long Term Care insurance where we pay premiums based on several variables like length of stay, room rate allowance, cost of living adjustments, elimination period ( the length of time we have to wait befor collecting and are elegible to collect.) and whether or not it is a single policy or held jointly with spouse.

Asset based Long Term Care Insurance where we put in a lump sum and essentially build up a kitty to draw from that we have access to for the entire length of the policy and our heirs get what is left over in the kitty.

If you would like to know more about these types of Long Term Care Insurance and how to protect your estate call our office or email us at info@yourwealthadvocate.com