With the right carrier, Long Term Care Insurance (LTCi) should cost far less than the cost of the care itself! The average premium can be as little as $100 per month for REAL Long Term Care Insurance (LTCi). Hint: A policy without built-in inflation protection might seem to have considerably lower premiums, but don’t be fooled, it will cost you more in the long run – don’t buy it!
LTCi premiums vary dramatically depending on your age, health, marital status and plan design. LTCi policies are custom designed to fit your particular needs, and we design your plan together, taking into account your retirement strategy, family health history, family support and your legacy wishes.
My goal is to help you buy the least amount of LTCi necessary from a quality insurance company. This is why it is so important to have a qualified, experienced, professional working for you, to carefully examine all the options available to you and guide you in your policy design.
The correct time to purchase LTCi is when you can afford the premium now and with reasonable assurance in the future. Most people purchase LTCi between the ages of 45-65, because this is when most of us face a long term care event with a loved one and realize the need for protection. I also have clients who purchased policies while in their 30s, to protect the retirement funds they were already saving.
Your health can change for the worse at anytime. If it does, you could either become ineligible for LTCi or be subject to higher premiums when you first apply for LTCi, and throughout the duration of the policy . The good news? The healthier and younger you are when you apply, the lower your premium for the duration. Your health rating and age are locked in with application.
Don’t procrastinate! Buy early when you are younger, premium rates are less and you have preferred health. If you have a partner, purchase together to take advantage of spousal discounts. Inquire if your employer has group LTCi and then compare. Group policies can sometimes save you money, but not always. Design your policy to cover the greatest statistical needs and don’t let your fear drive you to purchase more coverage than is practical. Talk to an LTC specialist who represents several carriers. You would be surprised how different the premiums can be between several insurance companies for the same coverage.
Yes, if you purchase a “Tax Qualified Long Term Care Insurance Policy”.
Individuals can deduct a limited amount of the annual premium based on age under health expenses on Schedule A of the federal tax return. LTCi premiums also qualify as an HSA (Health Savings Account) approved expense.
Business owners can deduct premiums as a business expense. The amount changes according to the type of business (Partnership, Sole-Proprietor, C-Corp, etc.).
To get your free copy of the Tax Summary for Tax Qualified Long-Term Care Insurance click here.
The purpose of Long Term Disability Insurance (LTD) is to replace income. LTD is purchased as a percentage of income and you must prove income in order to purchase. When collecting LTD benefits, the purpose most likely is to pay the mortgage and monthly expenses that continue even if you are unable to work. LTD benefits are paid as a lump sum each month. Most LTD policies cancel at age 65 and claim benefits will also stop.
The purpose Long Term Care Insurance (LTCi) is to pay for caregivers at home, or to pay a long term care facility. LTCi cannot be canceled as long as you pay your premiums, regardless of age. There is NO income verification when you purchase LTCi and you can purchase the amount you wish. Benefits are typically paid as reimbursement and claims are paid until the policy limits (which you selected) are reached regardless of age.
A medical history which includes certain illnesses may result in an individual being turned down for long term care insurance. Alternatively, discounts are available for good health.
Want to know if you are insurable? Let’s talk.
California Partnership LTCi policies are available from a select number of insurance carriers who have met stringent standards set by the state. These policies pay for your care in the same way other high quality LTCi policies would; but, unlike a traditional policy, each dollar your Partnership policy pays out in benefits entitles you to keep a dollar of your assets if you ever need to apply for Medi-Cal services.
To request your free copy of the California Department of Health Services – California Partnership for Long Term Care click here.
It’s all about expertise! As an independent insurance agent who has specialized in Long Term Care Planning for the past 20 years, I bring to you the benefit of my extensive knowledge and claims experience. Because the Long Term Care Insurance industry is so tightly regulated, you will actually pay the same premium for a particular policy, no matter whom you purchase it from. What makes all the difference in the world, however, is working with a professional who can customize your coverage to your own specific needs and budget, and not try to oversell you on coverage you don’t need, or even worse, push you into a policy that doesn’t provide you with adequate coverage when the time comes to use it.
As your LCTi professional I promise that I will be your advocate through the underwriting process, advise you on the most cost effective plan design, recommend the best plan from the best insurance carrier, even if this means I send your business elsewhere, tell you when LTCi is not appropriate to your situation, and not sell you a policy that will not benefit you.
Long Term Care insurance is a purchase decision you should make only once in your lifetime. Let me help you make the best choice for your future.
“I had the opportunity to work with Jody recently and was impressed with her kindness, professionalism, attention to detail and sense of humor. She's a "straight shooter" who cares deeply about others and works hard to serve her clients.”
J. D., Business Owner