Unexpected illnesses or accidents are part of life. Not all extended illnesses occur later in life; sometimes life just happens.
Your good health assists with the purchase of Long Term Care insurance and covers your custodial care needs, not those covered by your health insurance plan, Medicare, or Medi-Cal. A long Term Care insurance policy protects your bank account and prevents spend down to pay for care. Current costs for Home Care in California run between $25-$30 per hour ($680 per day for 24 days) in an Assisted Living Facility. It may run between $4000-$9000 per month AND custodial care services will run extra. Long Term Care Insurance ensures that you have a plan in place when care is needed; it protects your loved ones or theirs from scrambling to make important decisions about your care-who, where, what, how and the cost. You decide between Traditional LTCI and Hybrids (Life Insurance with LTC riders). Check with your financial advisor about possible tax savings.
Here’s a real-life case…
At the age of 61, my dear friend Jimmy was told he had Parkinson’s disease. He crashed a couple of cars before they took away his license, his business was suffering because of the disease and he had little family support to prop it up. He eventually admitted himself into an Assisted Living Facility for care. Soon after, he was diagnosed with ALS disease and quickly deteriorated and was then sent to a first class nursing home for his final days on earth. In one year he accumulated over $100,000 of cost, just for care! The medical and care costs would have wiped out all of his assets and he would have been sent to a Medi-Cal nursing home. But Jimmy was prepared.
Since Jimmy sold LTC, he believed in it and bought it for himself and saved his family all the grief in taking care of the who, where, what and how in taking care of a serious debilitating disease that eventually took Jerry’s life.
Quickly. A wonderful memorial service, a grateful wife and son thanking Jimmy that he did the right thing in protecting them and the family finances.This Valentine’s Day share some love and introduce Long Term Care to family and friends. It might be the best gift of all.
Co-Written by Stan Israel of Stan Israel Insurance and John Roberts, VP TWH Agency, Inc.
800‐200‐9194, ext. 206
~ John Roberts
VP, TWH Agency, Inc.