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Planning for Tomorrow: The Importance of Long Term Care Insurance

Hi There! At REMEDY,

we pride ourselves on not just thinking about today, but also about your tomorrows. As you journey towards retirement, there’s something crucial you might not have considered yet: long term care. Let’s explore why this topic is so vital for your future.

Story Time:

I once had a client, we'll call her Carolyn. She was an awesome lady who had done all the right things concerning her retirement. She'd saved, invested, even took sandwiches for lunch her entire working career to set things up properly for the future.

Well as will happen to roughly 70% of retirees Carolyn became sick with an illness that required assistance. And as life happens, realized she had not prepared for a long term health situation. She soon learned that Medicare only covers certain needs and Community Long Term Care is very expensive.

Carolyn due to her savings level now had to spend each month thousands of dollars for her own care. Then to pour salt in the wound she was informed that the State could come after her assets (home, savings etc) once she died.

At that moment Carolyn remembered being offered a Long Term Care coverage years ago that even had a return of premium if she never used it.

Here is a bit more information on a coverage that you may not have considered, but perhaps you should.

What is Long Term Care?

Imagine you're getting older and simple things, like bathing, dressing, or eating, become harder. Long term care is the assistance you'd receive in such scenarios, either at home or in a facility.

Why Long Term Care Insurance?

Most people believe that regular health insurance or Medicare will cover these costs. Surprise! They often don’t. That’s where long term care insurance steps in.

Eye-Opening Facts:

  • 7 out of 10 people will need long term care after turning 65.

  • The average cost of a private room in a nursing home? Over $100,000 per year!

  • Without insurance, many families use their life savings within just 2 years of long term care.

The Pros of Preparing for Long Term Care with Insurance:

  1. Peace of Mind: You won’t have to stress about huge bills.

  2. Choice: Choose the best care options without thinking about the price tag.

  3. Protect Savings: Your hard-earned savings remain untouched. There are even plans that "Participate" with the state to preserve your estate.

  4. Family Freedom: Your loved ones can be family, not full-time caregivers.

The Cons of Long Term Care Insurance:

  1. Extra Expense: Premiums can add to your monthly expenses.

  2. Usage Uncertainty: You might pay for it and never need it so consider a return a premium policy to get your money back if not used.

  3. Price Hikes: Over time, premiums might increase so when sitting w

ith your professional ask about inflation protection for your policy.

Helpful Tips:

  • Start Early: The younger you are, the cheaper the premiums.

  • Shop Around: Policies can vary. We're here to help you find the best fit.

  • Customize: Only pay for what you think you’ll need.

REMEDY’s Pledge to You:

Your today and tomorrow matter to us. We genuinely care about your golden years being truly golden. Let’s ensure that, together, we prepare for the unexpected. We’re more than just an insurance company; we're your partner in planning for a secure future.

Feeling enlightened? It’s the perfect time to take action. Reach out to us, and let’s secure your tomorrow.

Stay informed, stay prepared, and most importantly, stay cared for.

REMEDY Insurance & Financial has your back, today and always.

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