Insurance MYTH … Umbrella Insurance isn’t important for most folks —
Protection with an Umbrella
You don’t need to be wealthy to be SUED! Lawsuits are very common… making umbrella insurance an important tool. It gives you added liability coverage above and beyond the limits of personal home, and auto insurance policies. And, it’s not that expensive to get a million or 2 of coverage.
Filed under automobile, home owners, insurance, Uncategorized
What’s being said about Long term care insurance.
I recently talked with several of my clients about why they decided to purchase LONG TERM CARE insurance and here is what I found out.
It seems to me the Number One reason is:
Most kids will take care of their parents, if they have to. But, here’s a tough question. Do you want your son to give you a bath? How about your daughter? Having long-term care insurance allows you to spend quality time with your kids while a paid care caregiver takes care of your personal needs.
What happens if I get sick and my spouse is forced into taking care of me as their health also deteriorates? Paying for care out-of-pocket may leave the healthier, surviving spouse with limited funds for care and retirement and no safety-net.
If you are unable to pay for your own long-term care expenses, you must first spend down your assets before you can qualify for government assistance (Medicaid). With Medicaid you will lose the choice of home care or assisted living facility, instead it will be nursing home care in a Medicaid approved nursing home. Additionally, Medicaid typically only pays for a semi-private room and not all nursing homes accept Medicaid patients. Purchasing a LTC insurance policy provides more choices and more importantly a plan of action. You can choose where you would like your care delivered. Most of my clients have told me they want to stay home. Without proper planning, that might not be an option.
This is a big one and comes up a lot in conversations with clients. For single folks, who have a limited support system, LTC insurance will make sure that you are taken care of. LTC insurance will provide protection for your assets and nest egg. The right Long Term Care Insurance policy will preserve your assets from the high cost of long-term care.
If you are over 45 years old and have assets to protect, (a home and some money saved for your retirement) you should be researching and comparing different LTC insurance companies right now.
If your family has a history of illnesses such as Alzheimer’s, cancer, brittle bones, cardiac problems, stroke, etc. you should be researching and comparing different LTC insurance companies right now.
If you are healthy you should be researching and comparing different LTC insurance companies right now. Hugh Discounts are available.
If you get sick or injured the decision can be taken away from you and no long-term care insurance companies will insure you. Without your good health, options are limited to the point that you would be left paying for long-term care out of your own pockets.
HERE’S THE BOTTOM LINE Long term care insurance isn’t right for everyone. Some can’t afford the premiums other can’t pass the health qualifications. BUT– Everyone needs a plan for the day their health changes and help is needed.
Call or email and I’ll be happy to give you some additional tips on LTC planning
781-762-5626
Filed under Children, insurance, Long Term Care, Parents, saving, Seniors, Uncategorized
I recently talked with several of my clients about why they decided to purchase LONG TERM CARE insurance and here is what I found out.
No one wants to be a burden –
Most kids will take care of their parents if need be…but ask yourself this tough question. Would you want your son giving you a bath? How about your daughter in-law having to choose between you and your grandchild’s sporting event. Having long-term care insurance allows you to spend quality time with your kids while the aid takes care of your personal needs.
Many of the married couples I work with are thinking about –
What happens if I get sick and my spouse is forced into providing care of me as their health also deteriorates? Paying for care out-of-pocket may leave the healthier, surviving spouse with limited funds for care and retirement and no safety-net.
Another concern is the ability to maintaining independence –
If you are unable to pay for your own long-term care expenses, you must first spend down your assets before you can qualify for government assistance (Medicaid). With Medicaid you will lose the choice of home care or assisted living facility, instead it will be nursing home care in a Medicaid approved nursing home. Additionally, Medicaid typically only pays for a semi-private room and not all nursing homes accept Medicaid patients. Purchasing a LTC insurance policy provides more choices and more importantly a plan of action. You can choose where you would like your care delivered. Most of my clients have told me they want to stay home. Without proper planning, that might not be an option.
And, Peace of Mind –
This is a big one and comes up a lot in my conversations with clients. For single folks, who have a limited support system, LTC insurance will help make sure you are taken care of. LTC insurance will provide protection for your assets and nest egg. The right LTC Insurance policy will preserve your assets from the high cost of long-term care.
If you are over 45 years old and have assets to protect, (a home and some money saved for your retirement) you should be researching and comparing different LTC insurance companies right now.
If your family has a history of illnesses such as Alzheimer’s, cancer, brittle bones, cardiac problems, stroke, etc. you should be researching and comparing different LTC insurance companies right now.
If you are healthy you should be researching and comparing different LTC insurance companies right now.
The sad thing about insurance is if you have planned for your future needs you can’t get the coverage when you need it. If you get sick or injured the decision can be taken away from you and no long-term care insurance company will insure you. Without your good health, options are limited to the point that you would be left paying for long-term care out of your own pockets.
HERE’S THE BOTTOM LINE —
Long term care insurance isn’t right for everyone. Some can’t afford the premiums other can’t pass the health qualifications. BUT– Everyone needs a plan for the day their health changes and help is needed.
Call or email and I’ll be happy to give you some additional tips on LTC planning
781-762-5626
Filed under insurance
Rob's Insurance blog 