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Question #1. Long Term Care Insurance is too costly.
Answer: The longer you wait the more expensive it does get. However, as a CSA who is an independent agent I can work with you and we can choose and tailor a policy for you and your specific needs.
Question #2. I'll never need Long Term Care.
Answer: Chances are now 1 in 2 that you will need LTC in your lifetime. The average stay is now 19 months.
Question #3. My broker said I can fund it out of my investments.
Answer: Ask the broker to put that in writing and guarantee it. The average cost in the Chicagoland area is over $5,000 and the average length of stay is almost 20 months. Do the math, that's $100,000 out of your pocket.
Question #4. Medicare will pay my nursing home costs.
Answer: Wrong! Medicare may pay for the first 20 days or so if you are showing improvement. But in reality Medicare only pays for about 2% of all nursing home stays.
Question #5. If Medicare won't pay then Medicaid will.
Answer: Maybe -- but do you will have to spend down your assets first and then a lot of Nursing Homes don't accept Medicaid patients. So in what kind of facility do you think you or your spouse will end up in?
Question #6. I would like to be cared for at home what can I do?
Answer: May seniors are now purchasing In-Home Care Insurance that covers recover or care at home. And because about 80% of what a nursing home can do for you can now be done at home through various health services this may be a less expensive option to explore.
Question #7. I have several quotes and I am evaluating which policy to purchase. They all are about the same. Any suggestions on anything specific I should look for?
Answer: If they all look about the same chance are they are all tax-qualified policies with 90-100 day elimination periods. I strongly suggest that you get a quote on a traditional policy before proceeding. With a traditional policy your doctor has control on when your benefits start and you can even have a 0 day elimination period. It is may not be tax deductible but it is sure nice to know that you doctor is in control. With a tax-qualified plan your doctor has no say and the only way benefits will start is when you have 2 of 5 ADL(Activites of Daily Living)
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