Did you know that you may not qualify for Life or Long-Term Care Insurance due to health reasons you never even considered? My advice: Buy insurance now while you’re healthy enough to be underwritten. This way you can assure you receive the care you need as you age while leaving a legacy for your children.
There is no way to know what the future will bring. Use the best possible tools available to assure the future you want: Long-Term Care Insurance (LTC Insurance) or Hybrid Life/Long-Term Care Insurance. However, you must purchase these policies well before you need them to safeguard you and your family.
Case in point: Two clients in their 50s recently applied for Traditional LTC and Hybrid Life/LTC Insurance Policies. One has coronary and sleep apnea issues, the other has a spinal issue that her physician described as deteriorating. Both were rejected for LTC and Life Insurance.
Fact: U.S. citizens turning 65 today have a 70% chance of needing at least 2 years of paid long-term care services.1
Fact: The average cost of 24/7 in-home care in the New York area is $70-250k a year.
The time to apply for Traditional Long-Term Care or Hybrid Life/LTC Insurance is now, before you need it and while you are healthy enough to be underwritten.
Why Hybrid-Life/Long-Term Care Insurance?
A hybrid policy allows the insured to use some of the life insurance death benefit to pay for LTC expenses while still alive. The annual premium for a hybrid policy is typically lower than paying annual premiums for separate policies.
What Do These Long-Term Riders And Policies Cover?
Policies and policy riders typically cover the cost of homecare, plus assisted living, nursing home and Alzheimer’s facilities. If homecare coverage is purchased, make sure your policy covers independent aides versus agency aides, so you can save money. Since LTC Insurance policies and riders vary, I have schooled myself in the best of the best and can help you choose the best policy for you.
Purchasing a Hybrid Life/LTC policy could achieve multiple financial planning goals: Paying for long-term care, reserving retirement savings, and insuring a legacy for your family when you die.
Not only do i know the business of senior care, I can assist you with managing the financial impact on you and your family.
If you or a loved one needs assistance with Life/Long-Term Care Insurance or finding the perfect, caring Home Aide, we can help. Call for an appointment at 917-715-2233 or email us at aaron@careconciergeny.com.
1US Department of Health & Human Services/2017