Reasons to Buy
Do you have a long term care plan? A 65 year old couple has a 70% chance that one person will need some form of long term care. With nursing home care averaging $90,000 per year, are you prepared to pay for this care if you need it?
» Protect your assets — for your spouse, your children or your favorite charity
» Choice in Care – do you want the option of having someone care for you in your home? How about choosing which facility you want to go to?
» Quality of Care — your options may be limited if you are relying on Medicaid/Welfare to provide your care.
» Do it for your family — it is often hard for a spouse to take care of their loved one that needs care physically and mentally it can be challenging. Do you want your kids to take off time from work and time away from their families to take care of you?
What Type of Coverage Should I Buy?
We’ll help you understand your options. As independent agents, we represent many different companies. There are many different ways to purchase a policy, i.e. different benefit periods, inflation options and benefit amounts. Call us for a quote and we’ll help you put together something that meets your specific needs and budget.
We also have combination life/long term care insurance or annuity/long term care options that could assure your beneficiaries will receive a benefit in the event you don’t need long term care services.
When is the Best Time to Consider Coverage?
Rates go up as you get older, consider buying coverage when you are young. Also, you can be turned down for coverage for certain health conditions which is another reason to think about getting coverage while you are younger.
Partnership Program
A number of the plans we represent are part of the Federal Long Term Care Partnership program which can allow you to protect a portion of your assets in the event of an extended long term care event.
Tax Benefits
» There are some federal and state tax advantages available for those who buy certain types of policies
» You can also pay for Long Term Care premiums out of an HSA account
Business owners:
» There are tax deductions and tax credits available for business owners that purchase long term care insurance
Check with your tax professional or ask us for more information on tax benefits of purchasing long term care insurance.
Frequently Asked Questions
What is Long-Term Care insurance?
Long-Term Care Insurance is used to pay for long term expenses that are NOT covered by health insurance, disability insurance or Medicare.
Is it for nursing home expenses?
Yes, it is also for at-home care, adult day care, hospice care and assisted living.
Who can provide the services?
Family and friends, nurses, physical/occupational/respiratory therapists, home-health aides.
I’m healthy and young — do I need it?
Not everyone qualifies, so the best time to purchase Long-Term Care Insurance is when you are healthy.
My parents didn’t have any, why should I?
Because people are living longer and needing more long-term care and costs are ever increasing.
Medicare will pay for my care.
Medicare is designed to pay for short term rehabilitative, skilled nursing care (generally up to 100 days) – NOT long-term care needs.
I can use Medicaid, right?
To use Medicaid, as an individual you need to spend all of your savings/retirement etc. until you have $3,000 or less of assets. There are restrictions for couples as well.
I will pay for my own long-term care needs.
With long-term care expenses nearing $100,000 per year, not many people can pay for their needed care.
My spouse will take care of me.
Will your spouse be physically or mentally able to take care of your long-term care needs, and will you want to burden them with that responsibility?
My kids will take care of me.
Can you count on your kids having the time, money, skill, training or ability to take care of your long-term care needs, and, do you want to saddle them with that responsibility?
If I don’t use it I will lose the money I paid for it, right?
Not necessarily, there are several options that allow you to get your premiums back and/or have a built in death benefit.
In Summary
These are questions, concerns and misconceptions that most of us have. No matter how much we would like to be the sole care-giver for our spouse or parents, because of the time and training needed to adequately care for an elder dependent, most of us are unable to commit to the enormous responsibility – physically, mentally or with our time.
At RiverStone Insurance, we have many options available to find the right amount of insurance to protect what you have worked for, to release your loved ones from the responsibility of being your care-giver and to protect your legacy. Leaving you with options about where to receive care, from whom and not be forced to spend your life savings to pay for Long-Term Care needs!
Contact us by phone at (763) 682-6242 today or email one of our licensed agents for assistance.
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