Long Term Care Time Bomb

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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).  (FYIThere 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.

The clock is ticking....

 

To request additional free information or a personal cost quotation for "Medigap" coverage or Long Term Care , please  CLICK HERE

 


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Licensed in Washington State

 

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1U.S Department of Health and Human Services, National Clearinghouse for Long-Term Care Information, September 2008.