Long Term Care Insurance
Deciding on purchasing a Long Term Care policy can be confusing. Below are some things to consider when deciding if a LTC policy is right for you.
-What is the waiting period before my policy starts paying?
-How long will my benefits with this policy last?
-Will my policy pay for me to receive care at home or do I have to be in a facility?
-Will my policy pay for my family to hire a LTC consultant to help us find the right facility and care?
-Does the policy offer money for things such as modifications to my house?
-Is my premium guaranteed for life?
-If I never need care, will my policy pay my family anything?
-Will the policy come with a waiver of premium meaning if I get sick I no longer have to pay premiums?
-If I'm married, can my spouse and I be on the same policy?
-Is there inflation protection on the policy?
It is important that you speak with someone who specializes in Long Term Care. After all, you wouldn't go to a foot doctor for surgery on your heart, would you? Trust us to answer your questions and help navigate you through this important decision.
What You Must Know From The Start
There are 4 types of Long Term Care Insurance
Asset Based LTC
Let the risk be on the insurance company!
Simply leverage a current asset you already have such as a Bank CD, Money Market, 401k, IRA, or even CASH against future LTC expenses. It’s as simple as moving your asset from your left hand to your right hand. Its still in your hand under your control, just now leveraged against the unknown!
Pros:
-The asset remains yours. Ask for your money back at any time, get 100% returned!
-Live and get sick, quit (give up policy), or die and the benefit pays out unlike ALL other LTC options
-The best feature is LIFETIME coverage (no cap on the amount paid or time paid)
-Guaranteed premiums for life
-Quality care by a licensed professional
-Peace of mind
Cons:
There are no downsides that J Hinton Capitol can find using this type of protection.
Life Insurance with LTC Rider
Consumers like this because their premiums paid in are guaranteed to go to someone. Whether this is via Long Term Care expenses or by death benefit.
Pros:
-Peace of mind
-Guaranteed Premium
-Quality care by a licensed professional
Cons:
-Tends to be expensive
-Difficult to qualify
-Maximum benefit period of 50 months
Traditional LTC
This type is rarely used anymore so we will not go into detail on this contract but would be happy to explain it in detail over the phone or during a meeting.
Self Insured
Simply put this is as dangerous as playing with a rattle snake blind folded. Nearly 70% of people will need some type of care. Will you be in the 70% or the 30%?
Price Comparison
Traditional LTC
$5,000 Monthly Benefit
Eve $155
Adam $185
Annual Cost: $4,080
20 Years Paid In: $81,600
30 Years Paid In: $122,400
Max LTC Benefit: $480,000
All money lost if never used!
Fund Ongoing Expenses
$5,000 Monthly Benefit
Eve $321
Adam $460
Annual Cost: $9,372
20 Years Paid In: $187,440
30 Years Paid In: $281,160
Max LTC Benefit: $500,000
$250,000 per policy to heirs
Total: $500,000
Fund Future Expenses
$5,000 Monthly Benefit
Eve:
Adam:
Leveraged Asset: $107,818
20 Years Paid In: $13,980
30 Years Paid In: $20,970
Unlimited Benefit
$250,000 paid upon 2nd death
$107,818 refunded at any time plus interest
Who BENEFITS from Long-Term Care Insurance?
-10.8 million daily claims paid by the 10 leading insurers (2010), a 53% increase from 2007
-27% of nursing home claims are the result of Alzheimer's
-91% of claims begin after age 70
-31% for assisted living
-38% for nursing homes
Who BUYS Long-Term Care Insurance?
-8 million Americans currently own LTC insurance protection
-57 is the average age for new buyers
-54% of policies are purchased by couples
-$350,000; apporximate number of new policies purchased yearly
Call Us for Any Questions
Please do not hesitate to reach out via call, text, or email!
Phone: (404) 557-0201
Email: Josh@jhintoncapitol.com
See What Our Clients Have to Say
Office:
PO Box 449, Jefferson, GA 30549
Call
404-557-0201
Email:
josh@jhintoncapital.com
Facebook:
facebook.com/jhintoncapital
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