Long-term care events happen to a family, not just a person. People live longer & healthcare today & expenses rise, the need for long-term care planning becomes more of a “when” than an “if” situation.
When should you purchase a Long-Term Care Policy?
When you can qualify medically!
70% of people turning 65 years old will need Long-Term Care according to AARP
60% of all people will need long-term care according to LongTermCare.gov
Long Term Care insurance allows you to maintain your independence and afford quality care, and it also helps reduce the financial and psychological stress that a long term care event can impose on your family.
At Home Care:
Types of Facilities:
Age in Good Health | Amount of Monthly Benefit | Benefits Period | Elimination Period | Inflation Protection continues to increase Monthly Benefit & Pool of Money | Pool of Money | Annual Premium Can Increase | ||
Male | At age 62 | $4,500 monthly benefit | 3-year period | 90 Days | 3 % | $108,000 After 10 years $142,000 | $2,142 | |
Female | At age 62 | $4,500 monthly benefit | 3-year period | 90 Days | 3 % | $108,000 After 10 years $142,000 | $3,258 | |
Couple joint policy | Both at age 62 | $4,500 monthly benefit each | 3-year period | 90 Days | 3 % | $108,000 each After 10 years $142,000 each | $3,780 This is a 30 % reduction in both premiums |
Age in Good Health | Amount of Monthly Benefit | Benefit Period | Elimination Period | Inflation Protection continues to increase Monthly Benefit & Pool of Money | Pool of Money | Death Benefit | Surender Value Remains the same through out the life of the policy | Single Premium Amount or Annual Total of up to 10 years | |
Male | Age 62 | $4,382 monthly benefit | 4-year period | None | 3% | $208,276 after 10 years $279,905 | $158,370 after 10 years $116,200 | $70,000 | $100,000 |
Female | Age 62 | $4,375 monthly benefit | 4-year period | None | 3% | $174,436 after 10 years $234,428 | $164,571 after 10 years $121,800 | $70,000 | $100,000 |
Age | Annual Lifetime income after 10 years | GLWBR Enhanced Benefit Annual income for up to 5 years after 10 years (Then reverts to lifetime income) | Death Benefit | Single Premium Amount or Annual Total of up to 10 years | |
Male or Female | Age 62 | $11,775 | $23,550 | Accumulated dollar amount minus benefits paid | $100,000 |
Medicare
Medicaid
Bathing: The ability to clean oneself and perform grooming activities like shaving and brushing teeth. | Dressing: The ability to get dressed by oneself without struggling with buttons and zipper. | Eating: The ability to feed oneself. |
Transferring: Being able to either walk or move oneself from a bed to a wheelchair and back again. | Toileting: The ability to get on and off the toilet. | Continence: The ability to control one’s bladder and bowel functions. |
Leni Cohen is a Specialist in long term care planning and funding strategies She helps her clients to structure their retirement income so that any impact to the retirement plan will not be eroded due to any unexpected illness.
With 20 years of long-term care planning experience, she has the ability to pinpoint the critical decisions for the funding process. One of her strengths is her ability to offer ideas to those with medical issues that some may feel will keep them from long term care coverage.
The reason for her passion is her early years as a caregiver for a family member. She truly understands the physical, emotional and financial stress of caring for a loved one and still trying to juggle family and career. With this personal experience she understands that affordably in planning is very important!
Medicare does not cover Long Term Care. Medicare may pay for the first 20 days in a skilled nursing facility. After that, you’ll need to pay a coinsurance per day, for up to 100 days. Once you surpass 100 days, you’re responsible for the cost of your care.
To activate a Long Term Care policy you need help with two out of six daily activities of living (which generally include bathing, dressing, toileting, eating, transferring and continence) or you have severe cognitive impairment.
There are different levels of Long Term Care.
Yes, there are several ways to purchase a Long Term Care policy.
Maybe. Unlike life insurance, which is based on mortality, Long Term Care policies are based on morbidity. The younger and the healthier you are the easier to qualify and get a lower premium.
READY TO TAKE THE NEXT STEP
For more information to help make a good decision about long Term Care insurance you can
call 800-641-3315 or
Click on the button below to set a convenient time for you.
WELCH INSURANCE PROVIDES
800-641-3315
By Appointment Only
17011 Beach Blvd.
Suite 900
Huntington Beach CA 92647
License Number: 0E81972