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Long-Term Care
Regardless of the type of business you own or operate, it’s important to seek out financial protection for your company in the form of insurance. Key person life insurance is a type of life insurance and disability insurance policy that reduces the impact of devastating loss on your company or team.
Who needs long-term care?
Prepare for the Future
You’ve worked hard to make sure that you have the financial security you want for you and your family. And, you’ve tried to prepare for the surprises that life may bring in the future. But even the most well-thought-out strategy may not be enough to prepare you for the unexpected costs associated with long-term care.
With Americans living longer than ever, most of us will need some extra help with everyday activities as we age. The benefits of long-term care insurance go beyond what your health insurance may cover by reimbursing you for services needed to help you maintain your lifestyle if age, injury, illness, or a cognitive impairment makes it challenging for you to take care of yourself.
Long-term care may benefit:
- Families who want to help protect their loved ones, lifestyle and assets.
- Retirees and Pre-retirees wanting to preserve the money they have worked so hard to save.
- Individuals who may not have someone to care for them or significant assets to pay for these costs.
How to help cover the cost of taking care of yourself when you no longer can.
Is a long-term care insurance policy worth it?
A long-term care insurance policy is usually worth it for most people because it protects against the risk of paying for nursing home, assisted living or custodial care.
Without coverage, your out-of-pocket expenses for long-term care could be more than $54,000 per year.
Why choose Richard S. Bernstein & Associates?
With so many options from which to choose, deciding on the life insurance policy that’s best for your needs can be a challenge. Our licensed professionals will provide you with a comprehensive needs analysis analyzing your needs, budget, and risk tolerance to determine the type of policy that’s right for you. Being in the insurance business since 1964, Richard S. Bernstein personally works to obtain the best underwriting offers for you with the best insurance carriers and will provide you with an array of options to meet your needs.
If you would like for one of our experienced life insurance advisors to examine your individual needs, offer our expert advice, and give you a quote, please fill out the box above to contact us today.
When will a long-term care insurance plan provide benefits?
With most long-term care policies, you qualify for benefits after a health care provider certifies you can no longer perform two of the following Activities of Daily Living (ADLs) without direct hands-on assistance. ADLs include:
- Bathing
- Eating
- Walking
- Dressing
- Transferring (going from a bed to a chair)
- Going to the bathroom
Beneficiaries may also qualify for long-term care benefits as a result of a severe cognitive impairment such as Alzheimer’s disease or dementia.
When should you sign up for a long-term care insurance policy?
The best time to purchase a long-term care insurance policy is in your mid-50s or 60s, when you are still in relatively good health.
The two most important factors to consider are your age and your medical condition.
How old you are will affect how much you pay for a plan. As a general rule, the older you are, the more expensive your policy is. If you wait too long to purchase a plan, the high cost of coverage may make a plan unaffordable. And if you wait past a certain age to try to purchase a policy — usually your mid-70s — you are probably going to be denied coverage by the insurance company.
Additionally, you have to qualify based on your health status when applying for a long-term care insurance policy. This means you are going to have to answer a battery of questions about your health. You are probably going to have to take a physical examination as well.
Long-term care policies are typically only issued to relatively healthy people because they represent a high risk for insurance companies. It should be stressed that qualifying for a policy is not automatic. There are only about 12 companies in the United States selling long-term care policies, and these companies routinely reject applicants based on health status or preexisting conditions.
