Long Term Care InsuranceProducts & Services
LTC Insurance helps you or your loved ones choose the type of care they want, whether that is in a nursing home, assisted living facility, adult day care center or where they want it the most, at their own home.
Most individuals purchase Long Term Care Insurance for the following reasons:
It protects your hard earned assets so that you can leave them for your children, grandchildren or favorite charity rather then spending them on the high cost of long term care services.
It ensures that you will not be a financial burden on your spouse or other family members. In addition it allows you to choose the type of care you want to receive when the time comes.
Is Long term care Insurance a good option for you?
The question is not as easy to answer as you might think. Statistically 6 out of 10 people will require some form of Long Term Care. Purchasing Long Term Care insurance can be an overwhelming task for most with all the different variables associated with a Long Term Care policy.
Factors To Consider
•Your age & health
•Your support system
•Your savings and investments
Besides the traditional Long Term Care Insurance options there are several new options that have been gaining popularity:
1. Is Traditional Long Term Care Insurance a good option for you?
As its name implies, a traditional policy is designed to cover the long term care expenses of the policyholder. It gives you the freedom to choose how and where you will receive care and you can also decide how long your policy will be in effect; a few years or even for the rest of your life.
However, the high cost and the possibility of not using it is why insurance companies offer combination plans that combine the best features of Long Term Care Insurance with Life Insurance or a fixed annuity.
2. Short Term Care Insurance
A more modest approach to Long term Care is the Short Term Policy which covers up to 360 days at home or in a facility. Qualifying is easier. Unlike with traditional insurance plans, you might not have to answer as many medical underwriting questions and the premiums are far lower.
3. Hybrid Life & Long Term Care Policies
Another increasingly popular option that combines Life Insurance with Long Term Care Insurance. With a hybrid policy, you can tap the full death benefit to help pay for Long Term Care. If you don’t need help, your heirs get the full payout.
Purchasing Long Term Care insurance can be an overwhelming task for most with all the different variables associated with a Long Term Care policy.
Allow us to help you develop the right plan. Contact Margolis & Associates.