Suzanne sits down with Phyllis Shelton, President of LTC Consultants and author of “Protecting Your Family with Long-Term Care Insurance” to discuss long-term care. Long-term care is provided when people need help getting through the day. It can become necessary for many reasons including strokes, MS, Parkinson’s and accidents. Often, it is the only thing that keeps people out of the nursing home and pays for things like home health care, adult day care, and country club assisted living facilities, and hospice. Health insurance and Medicare do not cover these things and will only pay for short-term care of up to 3 months.
Suzanne also talks to Randy and Glenda, two people that have benefited from long-term insurance. In 1996, Randy’s mother had a stroke and needed care. After meeting with Phyllis, his mother’s long-term care insurance paid out around $305,000 for her care. Glenda had a different experience; she bought insurance in her 50s because she likes to be in charge of her life. Then, in 2006, both of her knees were crushed in an elevator accident. Fortunately she had purchased long-term care insurance at a younger age as she is uninsurable today.
Phyllis leaves with us with this advice: plan early for long term care. It can happen to people at any age and can be a great relief to the caregiver and the family.
Source: suzanne.tv
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We purchased long term care insurance 14 years ago. The premium has gone up the last 3 years and is scheduled to continue to go up. The first year we managed the increased premium by reducing some of the coverages. This year the increase gave several options. Manage the increases (increased premium would be stable for the next two years) and then there would be another increase in 2024 or stop the premiums and have the amount of insurance based on what we have already paid in. We researched the company and found they had been downgraded to a C+ and further research found that they oversold policies and did not have enough money to cover future claims without raising premiums. It also stated that they did not think people would keep these policies and had underestimated the cost of the claims they would have to pay out. We are skeptical of LTC companies. Interested to know if you think LTC is worth the investment and how to do you choose the right company?
Author
Yes Rosemary, I absolutely believe LTC insurance is worth it. Your experience is not the norm. The whole idea is the benefits you receive at claim time are far more than you pay in premium. It is insurance, not an investment, which means you are looking for leverage. For example, you could receive $10 in benefits for every dollar in premium you have paid. One of the several things that helps make this happen is the waiver of premium when you have a claim. If you would a review of your personal situation, please go to my website here https://www.gotltci.com/contact-us/ Click on the button to request a personal consultation and choose “No, I have a question or comment.” Put in your information and one of our specialists will get right back with you and help you with this review. We need to look at your benefits vs. the premium you have paid and will pay and apply some judgment as to what to do. We will also take into account your health, your ages and your resources to determine if there is a better solution.
Information about Hybrid LTC
Author
Hi Marilyn – here are characteristics of a hybrid LTCi policy:
• Guaranteed premium and can be paid off
• Death benefit if never needed
• Residual death benefit even if you need care and use the entire death benefit on care (5-20%)
• Death benefit typically will pay for two years, at which point LTC insurance kicks in for an additional 2-5 years and even unlimited.
• A few have cash benefits to make it easier to pay for new services and to make the claims filing process easier
To get information about a hybrid plan customized for you, All you have to do is go to this link on my website and complete the short questionnaire. That puts you in our queue to get help right away! https://www.gotltci.com/contact-us/ While you are there, you will learn a lot by watching my 17-minute video on that page.