When is it not a good idea to own LTC insurance?

Many people search for long term care insurance simply to avoid letting Medicaid take over and decide where that care is received. We need to consider if the premiums are affordable while working AND after retirement. It doesn't do us any good to pay for five or ten years and then not be able to afford the premiums when our income changes.

Others inquire after a diagnisis has been made that either limits or eliminates options.

We need to apply for coverage at the time when we are young enough and healthy enough to be approved by the company where we apply. Age 40 would be ideal if you can make it work.

My responsibility is to learn about you, what support you expect from family and what your financial situation will be like when retired to make sure we are discussing suitable products to meet your needs today and tomorrow.

Please view current and projected costs of care where you live at https://www.carescout.com/cost-of-care

Schedule a brief introductory meeting with me here

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This week, Diane shares some situations when LTC insurance may not be the answer for a family.

It's clear that if Diane and her husband had listened to this advice 25 years ago, they would not own LTC insurance today, and they would not be approved by almost every company that offers these plans if they were looking for answers today.

To be clear, this is not all or nothing. There are always circumstances that could alter these points.

The important thing to know is that, when it IS appropriate to transfer some of your risk to insurance, do it as soon as you can to obtain the lowest total premiums paid and to potentially receive good health discounts.

View current and projected costs of care at https://www.carescout.com/cost-of-care and please use the 4% or 5% inflation growth when viewing future costs. If we think LTC inflation will be lower than that, we're lying to ourselves.

Then schedule a free, no obligation consult with Diane to learn how you can transfer some of your risk https://calendly.com/diane-p4t/30min

Mike emailed asking about typical exclusions or pre-existing concerns with LTC insurance.

LTC insurance is governed by Internal revenue Code (IRC) 7702(b). To be able to offer insurance, companies must adhere to this rule.

American Association for LTC insurance (AALTCi) has many resources available on this https://www.aaltci.org/long-term-care-insurance/

You can view both current and projected costs of care where you live at https://www.carescout.com/cost-of-care I strongly suggest using a 4 or 5% cost of living factor when checking future costs. I think we'd be lying to ourselves if we believe the costs of care will be lower than that in the future. Baby Boomers are starting to turn 80 this year.

Learn how Medicaid works (or doesn't work) in your state at https://www.elderlawanswers.com/

Book a quick phone or zoom meeting to ask a question at https://calendly.com/diane-p4t/15min

Book an introductory get to know you meeting at https://calendly.com/diane-p4t/30min

Schedule an initial no obligation consultation at https://calendly.com/diane-p4t/60min

Get ready to Prepare for Tomorrow!!!