The Insurance Mom - Alison Gordon Insurance Services » Long Term Care

$183,998

Mom — Fri, 20 May 2011 18:20:49 +0000

$183,998. That’s a lot of money! On a national average, it’s what you’ll pay if your Mom or Dad lands in a nursing home for the average stay of 2.4 years. That’s really a ton o’money!!

If your Mom or Dad would prefer to get better at home (and who wouldn’t?), the cost of home care is about double.

Do you have over $180,000 (or more?) to pay for long term care services? No? Do your parents have over $180,000 to pay for long term services? No? What ever will you do?

The Insurance Mom knows! Doesn’t that make you feel better already? Long Term Care Insurance is the answer. Let an insurance company pay the bills.

Find out how. What better reason to call The Insurance Mom?

Four Simple Rules for Buying Long-Term Care Insurance

Mom — Mon, 15 Mar 2010 00:15:26 +0000

First, always consult with a qualified broker, such as The Insurance Mom!

Second, buy only what is affordable. Do not stretch to buy a policy that covers 100% of anticipated future costs. It is much smarter to buy the amount of coverage for which you are sure you can keep making the premium payments. It makes no sense to buy a policy today that you won’t be able to afford in a few years; you will get no benefits at all if that happens. Focus on what is achievable. It’s better to buy a policy that will cover 50% of future costs than no policy at all.

Third, buy a policy with a Compound Inflation Rider. The cost of care rises each year; you need a policy with benefits that will also increase. Look for a policy with a built-in 5% Compound Inflation Rider.

Fourth, aim for the shortest possible Elimination Period. This is the time before your policy kicks in. For example, if you have a 30-day elimination period, you will pay for the first 30 days out of your own pocket. The shorter the Elimination Period the more expensive the policy. If the Elimination Period is 90 days or longer, be sure you have other assets that you could use to pay for your care for that length of time.

Now…. don’t you feel smarter?!

A Short Course on Long-Term-Care Insurance

Mom — Sun, 14 Mar 2010 00:12:06 +0000

According to the Department of HHS, at least 60% to 70% of people over 65 will eventually need long term care, either at home or in a nursing home, and that can be very expensive. The average stay in a nursing home is almost 4 years, at a cost of about $270,000. Your health insurance does NOT cover this kind of expense, neither does Medicare! Oy. That’s why The Insurance Mom wants you to consider Long Term Care Insurance (LTCi) if you won’t have enough savings or other assets you could use.

If you have LTCi and must go into a nursing home or require at-home care, the total cost of all your premium payments combined will likely be less than the cost of a single year in a nursing home or full-time home care — no matter how many years you’ve been paying premiums.

Think about that for a moment. No matter how long you pay LTCi premiums, you will get it all back in one year of benefits! That’s huge. I think it’s a wise investment in your financial future.

Come back tomorrow for 4 simple rules to follow when buying Long Term Care Insurance.