I do not want to go into a Nursing Home! What are my options when and if I need help with LTC?
Only 5% of individuals needing LTC are in a Skilled Nursing home. 13% are in an Assisted Living Facility. And the majority, of around 80%, get care right in the comfort of your own home. Home Health Care policies are very affordable.
My spouse or kids will take care of me, I don't think I need a LTC policy.
For some tasks and types of care, the spouse can be of great help in a LTC event. However, is your spouse a Registered Nurse (RN), or a Licensed Practical Nurse (LPN)? Is your spouse a Doctor or a licensed Physical Therapist? I could go on, but I think you can see my point. There are just a large number of things that your spouse is not able to do for you. Most couples are about the same age, so will your spouse be able to lift you in and out of bed or the tub? As for your children, think seriously about whether you would want them to be the ones bathing you and performing ADLs, Activities of Daily Living. These include bathing, dressing and undressing, transferring from bed to chair and back, eating and or preparing your meals, being able to control urinary and fecal discharge, using the toilet, mobility such as walking and not being bedridden.
When should I buy LTC insurance?
The best time to get the protection that LTC insurance provides is as soon as possible depending on your age. We recommend that anyone over 40 should get their LTC insurance immediately. LTC insurance premiums go up in cost as you get older. Your premiums will not go up every year based on age or health, however, companies can increase premiums based on claims so that they can stay in business and be there when you need to submit a claim. By setting up your LTC insurance now, you can protect your family against nursing home, assisted living, home care events as well as a possible Medicaid event that can wipe out all of your assets.
How can I get LTC Insurance for Free?
This seems like an impossible option, but it isn't. Working with your portfolio, we often can provide the funding for your LTC policy with little or no change to your currently available funds. Contact us for a private consultation and we can create a custom plan for you that could be "free".
What is the State Partnership Program?
A simplified answer is a program that matches the funds available in your LTC insurance policy once those funds have been used up. Not all states participate and there are many rules and guidlines that your policy has to follow. See our LTC Partnership page for more information.