Long Term Care
Long Term Care Insurance is essential in providing comprehensive care as we age. What can a long term care plan provide?
- Peace of mind, knowing you do not have to rely on family members for care.
- It is a gift to your children, who may also be financially and physically unable to care for aging adults.
- It offers protection for assets and life long savings, allowing inheritance to be given to your children, grandchildren, and other relatives.
- It gives you choices. Many times after the assets and earnings of aging adults are exhausted, couples are separated and not able to choose where they live, often leaving their hometown.
Rest Easy Insurance has the experience to help you decide what you need most in your LTC needs. Choices include a combination of assisted living, home health care, and nursing home benefits. Each plan is designed for your specific needs, including compounded interest. This benefit factors in inflation, so that the plan is consistent with the costs of care when you need it.
You do not need to be elderly to have a need for Long Term Care. Unfortunate accidents and disease can render any one of us unable to meet the 5 activities of daily living: bowel and bladder management (toileting), bathing, dressing, eating, and personal hygiene. Maintaining a clean home, grocery shopping, and meal preparation can also be difficult or not possible for someone with a disability.
Nursing homes and assisted living centers can offer the beneficiary and the family the care that is needed when family members are not able to step in physically, mentally, or financially. Home health care benefits can also keep the insured in his or her home while maintaining dignity and quality of life.
Tennessee is one of the states that offers partnership plans. One of the advantages of this type of plan is that consumers can protect assets equal to benefits paid by long term care insurance policies if they ever need to apply for the LTC benefits available through the Medicaid program. Nursing homes and assisted living centers can offer the beneficiary and the family the care that is needed, while protecting assets equal to the dollar amount of the benefit chosen.
The main requirement to get the asset protection is to buy a tax-qualified Partnership policy from a participating insurance company. This includes a compound inflation benefit for clients under age 61 and some type of inflation benefit if they buy between the ages of 61 and 75.
Without a partnership plan, people have three choices to pay for Long Term Care:
- Pay for care out of assets and income, which can lead to savings being depleted;
- Surrender assets to qualify for Medicaid, losing control of money and losing financial independence;
- Buy a standard long term care policy which works until the benefits are exhausted before the need for care ends, or the benefit isn’t enough to cover the cost of care. There is typically no inflation built in to cover the increasing costs of care.
Please contact me for a thorough review of your long term care needs. I can quote plans designed specifically for you and your spouse. Married couples that apply together receive significant discounts.