How Will I Know That Long-Term Care Insurance Is Right For Me?
Everyone age 50 or older is a prime candidate for Long-Term Care Insurance. The Earlier you take out a policy, the better. In most cases, you will almost certainly pay less in premiums over the life of the policy than if you ever need even one year in a nursing facility. It is by planning NOW that you can secure your future at a lower cost!
If you recognize that you are not superman or superwoman, and that there is a reasonably good chance that you will need someone to help take care of you before you die, you should be looking at Long-Term Care Insurance. If you plan ahead, own your own home, and have some savings and investments to protect, then you should be a step beyond look, because there is probably a Long-Term Care plan available that you could afford without affecting your present lifestyle. When all is said and done, in order for you to take out and keep a Long-Term Care Insurance policy, you must be more comfortable doing without the money you pay for premiums than you would be if you kept the money and remained self-insured. Long-Term Care Insurance should give you security and peace-of-mind. Most of my clients have concluded that saving a lot more money in their retirement years is not the objective anymore; however, protecting what they do have so they won’t lose it all before they die is a major objective.
Long-Term Care Is The Biggest Reason For Financial Failure Among Seniors Today!
In fact, over 70% of Americans believe they will not be able to cover their Long-Term Care expenses!
Most of us would jeopardize our life savings if we did without Long-Term Care Insurance. However, I have clients who truly could self-insure if they wanted to, and perhaps my experience with them will clarify the logic of taking out this coverage: if people who are so wealthy sees the benefits of coverage, what does that say to those of us who are not as fortunate financially?
I have one client in particular in mind. This client has many investments and is a very wealthy man. He could obviously afford to do without Long-Term Care Insurance, and when I met him, I advised him he did not really need this type of protection. He told me something I will never forget: He said, “It is true that I could do without Long-Term Care Insurance; in fact, I could build my own nursing home! But, do you know what it would cost if my wife and I had to enter a nursing home at the same time 15 years from now?” I replied that I had a pretty good idea based on today’s trends, adding that the cost could be as high as $160,000 per year. He then continued, “I know that it would be somewhat unusual for us both to end up in a nursing home at the same time, but would you also agree that is would a little unusual for a person to stay in a nursing home over 13 years?” I agreed that would be somewhat unusual since the majority of people for not spend over 5 years in such care. He continued his story: “Yes, it is unusual, but my mother-in-law has been in a nursing home for that long, and I am still paying the bill! It doesn’t appear that she is near death, so she may stay several more years. The cost of this care has already exceeded $500,000. Even though I could take my chances, I don’t think it makes sense for my wife and I to take that kind of risk, just to save a few thousand dollars a years in premiums. Can you provide me with a plan that would alleviate this risk?”
Abe Glickman, LTCA, LTCP
Member: AALTCI, NAHU, NAIFA, SOA
Abe Glickman Insurance Group
Toll-Free Phone: 877-298-5824
“It is better to create a plan 10 years too soon than one day too late.”
Questions or Comments? Give me a call!