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Take a Long Look at Long Term Care Insurance (Spring 2008) << Back
by C. Glen Higuchi, JD, CPA
A number of surveys show that many people are unprepared for the cost of a prolonged illness, especially in their senior years.  This year, about 9 million men and women over the age of 65 will need long-term care, according to the Department of Health and Human Services.  We all insure our most valuable assets such as our homes, cars, and lives.  Then why not insure your retirement plans against the unexpected and devastating costs of long term care expenses?  It’s human nature to avoid thinking about growing older.   But the assistance you may need is costly, and could wipe out your retirement savings.
Buying long-term care insurance may be the best way to protect your retirement savings from the costs of nursing homes, assisted-living facilities, and in-home care.  The kind of custodial care you will need is not covered by Medicare or supplemental policies.  These costs are only covered by long-term care insurance policies.  Since long-term care insurance policies cover in-home care, you may avoid staying in a nursing home.  Most surveys say people prefer to be cared for in their own home.
If you want to ease the mental and financial strain on you and your family, you must start thinking about long-term care insurance now.  Remember, it is not the afflicted who suffer, but rather the caregivers.  This effort exacts a terrible price on the caregiver’s health, and relationships with other family members, usually those siblings who do not share the burden.  Anyone doubting this assessment need only ask someone who has been through it.
Most professionals think it is best to buy long-term care insurance prior to age 60.  Out of the dozen or more companies offering these policies, we have chosen John Hancock, Prudential, MetLife and Genworth.  Although making the decision isn’t easy because you will have to make decisions on amounts of daily benefit, benefit period, and inflation protection, our staff can assist you with making an informed decision.  You will also want to make sure you are dealing with one of the larger, more committed companies that are pricing policies appropriately to try to avoid future price increases, and also will be around if you ever need to use these benefits.
Since a longer life is a near certainty, planning for it is a necessity.  Increased life expectancy is creating a greater need for long-term care planning, and the need for long-term care insurance.  Please call us for information, costs and advice regarding this important tool that can protect your family from the devastating cost of providing care.
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AHTKY Insurance Agency, LLC
1451 W. Artesia Blvd, Suite A, Gardena, California 90248
CA License: 0C46036