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Home Myths & Realities about Long Term Care |
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Is Long Term Care a Retirement Time Bomb? Of all the threats to our peace of mind during retirement, the debilitating effects of medical and long term care costs may be the most frightening. If we do not prepare a strategy to deal with this eventuality, it can hit our retirement finances like a time bomb. 70% of us reaching age 65 are going to require Long Term Care at least once in our life, yet less than 9% of Americans under age 65 own a long term care policy.1
NOTE:
Health insurance, disability insurance, or Medicare will not
pay for expenses associated with long-term care.
Long term care can only be covered in these three ways:
1. You self insure and pay it out of your own pocket.
2. Medicaid. You spend down almost all of
your assets and become eligible for welfare (Medicaid).
(FYI: There is a 5 year "look back"
on assets you have sold or transferred).
3. Long term care insurance. The premiums for
long term care are age sensitive. The younger you are when you
obtain the policy, the lower the premium. (You also must have at least
moderately good health in order to be accepted for coverage. )
If you have any questions about long term care please ask. As a trained and licensed Washington State Insurance Agent, I know the rules
and I know where to find answers. Dealing with these concerns every day, I get plenty of
practice.
I will never tell you what to do, but based upon your
particular circumstances, I will share some ideas and propose a course of
action. The choice is and always will be yours.
To request additional free information or a personal cost quotation
for "Medigap" coverage or
Long Term Care , please
Thank you for bearing with
me
while
my site is under development.
To send me an email
1U.S Department of Health and Human Services, National Clearinghouse for Long-Term Care Information, September 2008.
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