LONG TERM CARE &
Planning ahead for future long term care needs is a key of retirement planning. Many people have had first-hand experience with a loved one / family member / friend who needed long term care. These experiences underscore the reality of the financial and emotional stress when someone needs long term care.
Long term care insurance can protect your retirement assets, and it can give you the peace of mind that the costs of your long term care will be covered if they are needed in the future. A long term care plan also protects you family from having to be "caregivers", and it enables you to choose where you will receive any long term care in your later years.
Do you need Long Term Care Insurance?
Someone turning 65 years old today has about a 70% chance of needing some type of long term care during their lifetime. While one-third may never need long term care, 20% will need long term care for a period greater than five years. The average length of time people need long term care services is for three years (source: 2020 U.S. Department of Health and Human Services www.longtermcare.acl.gov January of 2021).
In California, the average costs for three years of long term care is $411,720 USD ($137,240 USD per year) at 2020 rates. That cost is projected to be $743,613 USD ($247,871 USD) in year 2040 (Cost of Care Survey 2020 www.Genworth.com, January 2021).
Will Medicare Cover my Long Term Care Costs:
Medicare is the Federal Health Insurance Program for people over the age of 65 years old, and some younger people with disabilities. Medicare DOES NOT pay for custodial care which makes up more than 90% of all long term care services.
California Long Term Care Insurance Options:
There are two types of insurance in California that pay for long term care costs, and each type of policy has its specific advantages. Steve Muehler - Insurance can provide all the details you need to help you decide which is best for you.
Traditional Long Term Care Insurance - You pay an annual premium, and if you need long term care due to a cognitive or physical impairment, the Policy pays for your care. Traditional Long Term Care Insurance Policies make up about half of all Long Term Care Policies sold.
Hybrid Long Term Care Insurance - A Hybrid Long Term Care Insurance Policy combines the benefits of life insurance, or an annuity, with long term care benefits. You can buy a Hybrid Long Term Care Insurance Policy by paying a one-time lump sum premium, or over a set period of time.
California Partnership for Long Term Care:
The California Partnership for Long Term Care (CPLTC) is a special California program combining private long term care with special access to Medi-Cal. The California Partnership for long term care helps Californians prepare for the possibility of needing nursing home care, assisted living care or home care.
A California Partnership for Long Term Care Policy allows you to keep all, or part of your assets under the Medi-Cal Program, if your long term care needs last longer than the benefits of your Partnership Policy. The California Partnership for Long Term Care is a California Department of Health Program.
Why all of our Insurance Applications are reviewed by our Firm prior to issuing a CUSTOM INUSURANCE QUOTE to you!
Misunderstanding: The first reason buying insurance online can be dangerous is because the "online quotes" and the "policies" can be misunderstood and there are few chances to have those misunderstandings explained to you be an industry expert prior to purchasing the insurance policy.
Custom Quotes and Policies are more difficult to set up: Every individual, family, and business is different, and the insurance needs are always different. An online quote and policy purchase is not necessarily able to create a custom policy around those needs of your family or business. This means you will most likely get a general policy that is good for the average person, but not necessarily what is best for you. Odds are, with a Custom Quote, you can "get more for less."
Not assigned an individual agent to handle coverage: After buying insurance online you may feel covered and protected. Having one client assigned to you for every potential claim you have to file is a big advantage that you may be missing out on when buying insurance online. An individual who knows your entire history from purchase to claim will be able to fight for you better than someone who was randomly assigned for that one claim after buying online.
Adjusting your policy: As business and families grow and change, your insurance policy should change with it to make sure everything, and more importantly, everyone is covered. If buying insurance online, you will rarely speak to the same agent twice and will lose that initial time savings by needing to explain the changing circumstances around your family or business' insurance needs.
Lack location specific assistance: Online quotes and purchasing sites give you the ability to see a standard policy for your area. However, what it doesn't take into account is the individual needs for your exact location and your family and business needs based on that information.
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