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Can I afford Long Term Care insurance?
Dec 17 2018
Corey Reick
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If you’ve cared for an aging parent or loved one, you’re probably already aware of how expensive Long Term Care can be. For most folks, it’s increasingly challenging to self-fund, even if you’ve saved throughout your life and otherwise prepared for retirement. That’s where Long Term Care insurance comes in. It helps protect your future housing and care decisions, your family relationships, and your hard-earned savings.

It’s time to revisit the idea of Long Term Care insurance

If you’ve mistakenly believed Long Term care insurance was out of your price range—whether because of your age, your existing health conditions, or your income—it’s time to take a second look.

Recently, I worked with a couple who had a decent income and good retirement savings. The husband was a triathlete in great health, but because the wife had some health issues, they were worried Long Term Care insurance could be unaffordable.

I took the time to really understand what kind of coverage they were looking for, plus listen to and respect their budget limitations. The mix of coverage and cost had to be right—a premium they could afford and benefits that would protect them no matter what health problems they faced in the future.

Because the case was dictated by both budget and health, I took it to only a very specific set of carriers. The couple chose a policy that cost about $5,500 a year for both, and covered up to $3,000 a month in Long Term Care when needed. They were happy and relieved to know they’d protected their future finances while staying within their current budget.

Finding a policy that fits your needs

That level of customization takes experience and a deep understanding of how the market and individual carriers work. With many standard and hybrid Long Term Care insurance options available, I can find a payment plan that works for you, whether that’s a monthly premium or a lump sum you can pay in your higher-earning years.

When it comes to finding a policy, I always remind clients that I’ll first consider their needs, health conditions, and budget, tailoring a program to fit all three. That’s the right way to do this, not the other way around. Even if you have a history of health problems, we can find a Long Term Care insurance product that safeguards your future and gives you peace of mind.

If you need help figuring out an approach that works for you and your financial plan, The Long Term Care Planning Group can help. Contact us today at 678.814.5088 or online.

If you want to get your Long Term Care Planning right for you and your spouse, you must speak to Corey. His Phase I made sure I understood a fairly complex set of options – no pressure.
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