Need help with Planning Your Finances?
Need help with Planning Your Finances?
Your Long-Term Care Need
7 out of 10 people over age 65 will need some form of Long Term Care. The average length of Long Term Care required is ~4 years. Women stay on an average 1.5 years longer on LTC than men due to their higher life expectancy.
Blog: LTC Facts and Economics
7 out of 10 people over age 65 will need some form of Long Term Care. Average length of Long Term Care required is ~4 years. Women stay on an average 1.5 years longer on LTC than men due to their higher life expectancy. LTC costs range from $50K to $100K a year.
Blog: LTC Facts and Economics
We are all more prone to LTC (Long Term Care) disability as life expectancy continues to improve. Providing LTC care affects 2 people: the disabled person and the caregiver. 3 out of 4 caregivers are women. Severe cognitive impairments such as Alzheimer’s or Dementia are considered LTC disabilities. However, LTC policy is not a disability insurance (e.g., dialysis is not a qualifying event).
LTC Risk: Are you at risk for needing LTC? Assess if your family or medical history increases your likely need for LTC disability. If it does, then consider getting a LTC policy that will cover 100% of the inflation-adjusted cost of LTC. If not, consider getting a smaller policy that provides 50% coverage.
LTC Risk: Are you at risk for needing LTC? Assess if your family or medical history increases your likely need for LTC disability. If it does, then consider getting a LTC policy that will cover 100% of the inflation-adjusted cost of LTC. If not, consider getting a smaller policy that provides 50% coverage.
LTC costs range from $50K to $100K a year depending on where the care is provided. The total average LTC cost today is $228K. Healthcare cost inflation is double the normal inflation rate of ~2%. At this rate, LTC cost could double in 20 years.
Blog: How A LTC Policy Works
Get your LTC policy while still healthy and eligible, ideally in your 50s.
Blog: How A LTC Policy Works
An LTC policy is an investment to manage one’s health-related financial risk. Medicare or Medicaid may not help with paying for LTC expenses. LTC premium (excluding base premium for life insurance) is tax deductible for business owners.
LTC Policy: Understand how a LTC policy works. Understand the LTC policy features before obtaining a policy. For example, an LTC policy with indemnity option covers home health care provided by friends or family members. Some policies provide international coverage or can be cancelled anytime with full return of the premium. Please contact FinCrafters to customize a LTC policy for your needs.
LTC Policy: Understand how a LTC policy works. Understand the LTC policy features before obtaining a policy. For example, a LTC policy with indemnity option covers home health care provided by friends or family members. Some policies can be cancelled anytime with full return of the premium. Please contact FinCrafters to customize a LTC policy for your needs.
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What are your risks with regard to LTC disability?
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What are your risks toward LTC disability?
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