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Insurance - Long Term Care
Many people don't realize they already have long-term care coverage. If you should require prolonged care in a facility or have someone come to your home to assist you, your coverage will come out of your savings.

Depending on whose statistics you listen to, your odds of needing care are between 1-in-4 and 3-in-4, much higher than the odds of your car or home being lost which are insured. With annual care costs running between $30,000 and $70,000, your savings could be depleted very quickly leaving nothing for your heirs.

Your coverage can also double as long-term Disability Insurance. The percentage of people in care facilities under age 65 is much higher than one would expect.
Long-term care insurance provides a substantial pool of money to cover the cost of both facility and home care so your savings aren't depleted AND you can afford quality care.

Coverage from an insurer helps maintain your independence and reduces the likelihood of relying on family members for assistance.

The #1 reason people can not get Long-Term Care Insurance is not because of money but due to poor health. Insurance companies will not cover people who have initial stages of illness or disability.

Do not let cost prohibit you from getting coverage. Having a policy that provides only $3000/month instead of $5000/month is much better than receiving $0/month.

Studies have repeatedly shown relying on family for care often causes negative health effects on family caregivers, affecting family structures and job performance.

An answer to a common question is: No, the government will not provide care until you have spent down your estate to the bare minimum (your home, an auto and very little in your savings) to qualify from Medicaid. The quality of care for Medicaid is often not how people envision spending their remaining years.

Let Four Peaks Planning, Inc. with its experts in Long-Term Care plans help you find and choose the plan best for you. Our planning sessions are complimentary and your cost is the same as if you found the plan yourself.
Because of our status as an independent insurance agency, we can often improve your coverage and reduce your costs by comparing all insurers.

Several of our brokerage firms will review your individual or group life, health, disability and/or long-term care insurance.

If you are considering replacing insurance:
  1. Never cancel your current policy until a new policy is offered by the insurance company. Make sure you are still insurable.

  2. Compare provisions between your old policy and new policy. Understand that you may have to satisfy limits in your new policy that have already been satisfied under your current policy.

    For example, a life insurance policy has a two-year "incontestable" clause. That means after the policy has been in force for two years, the insurance company must, by law, pay a death claim even if there were misrepresentations in obtaining coverage, unless fraud can be proven. With a new policy, the two-year incontestable clause begins all over again.
Since not all insurance companies carry a rating of "A" or higher according to A.M. Best, Standard & Poor's and Moody's, we consider only insurers maintaining an "A" rating or higher.

For a free quote or review, call: (480) 229-6220.

   
If you have questions or would like to learn more, please call (480) 229-6220 or send a message by clicking the email address above.
Important: Please consult with Four Peaks Planning, Inc. before undertaking any actions. The information in this web site is provided with the understanding that the publisher is not engaged in rendering legal, tax or investment advice. While every attempt has been made to provide current and accurate information, neither the author nor the publisher can be held accountable for any errors or omissions. You agree not to hold any employee of Four Peaks Planning, Inc. liable for action you take from the information on www.fourpeaksplanning.com.