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The American Association of Long-Term Care Insurance (AALTCI) along with the U.S. Congress is on a mission to make people aware of the risks and costs associated with long-term care. A 2012 report from the AALTCI found that the majority (56 percent) of new claims under these policies are for home care – not nursing home care (31 percent) as many consumers believe. While nursing home care definitely ranks at the high end of the long-term care cost spectrum, long-term care insurance (LTCI) may also help cover the cost of in-home services from nurses’ aides, home health aides and therapists or services in an assisted living facility.
As the AALTCI points out, you protect against other risks like car accidents, house fires and medical emergencies; so why wouldn’t you protect yourself from potential long-term risks that could impact you and your loved ones? And just like any other insurance, you don’t want to put off the purchase. AALTCI urges Americans to buy LTC insurance before age 65 to avoid the high costs associated with waiting. Your age and health are important factors that determine the cost of LTC protection. The younger your age and better your health when you purchase coverage, the less expensive it will be. Also, good health today could help secure discounts that won’t change even if your health does in the future.
Many Americans falsely assume that government programs will pay for all their LTC needs or that LTC coverage means you will be forced into nursing home care. In fact, the AALTCI says Medicare only pays for skilled care, while Medicaid only covers those whose assets are at or below state-required levels. Also, the majority of people who need long-term care remain in their own home or in their community.
We are committed to helping you protect yourself and your family against the financial risks associated with long-term care. Creating an inclusive retirement plan includes planning ahead for all long-term care expenses. Call our office today to create or review your retirement plan and discuss the importance of planning for long-term care.
Karen helps attorneys; mediators, individuals and couples, navigate through the financial morass of divorce and widowhood. Her expertise lies in understanding the special tax and financial issues that can plague divorce and she helps clients get their financial fair share and equitable settlements. She provides financial analysis, projections and solutions so clients can avoid long-term regret over decisions made early on in divorce and widowhood. Karen offers a range of financial, investment and insurance services that address clients’ complete financial picture and long-term needs before, during and after marriage. She is currently writing a book entitled, “To Have and To Hold Onto Your Financial Fair Share: Financial Decision Making When Marriage Ends in Divorce or Death.”