Long Term Care Insurance (LTC) is private insurance to assist with long term medical and non medical care.  LTC provides for the payment of continuing care expenses and daily living activities.  You can no longer count on Federal programs to pay all of the private costs for care should you have a catastrophic illness or have the inability to care for yourself.

 

Many say that you should take out LTC insurance at 65 years.  Experience suggests that the sooner you take out this insurance the lower your rates will be.  So Boomers - if you are over 55 years, you need to talk with your insurance agent to find out the benefits of taking this insurance early.  Typically, your premiums are fixed, your daily coverage escalates annually, and the coverage can be outstanding.

 

Here are some LTC tips:

 

*  Investigate your options

*  Secure a strong insurance company

*  Check out the options for a lifetime pay, 3 year pay, 5 year pay, or 7 year pay

*  Examine the escalation of daily benefits

*  Work with your tax planner to determine if premiums are deductible

*  Check with your employer - you may have the option to get a lifetime plan through your company.

 

Please contact me with any questions you may have.