TUESDAY, FEBRUARY 28, 2017
No one wants to think about what will happen if they get sick or disabled and can't care for themselves. Even those who may have done some planning can agree that the planning they thought was right may have been wrong, or at least inadequate, as they look back over their working lives.
One of the absolute necessities to living out your life comfortably if you become ill or disabled has been identified in the insurance marketplace as Long Term Care Insurance. So, what is it, why do you need it, and when should you buy it? These are all good questions and questions I receive on a weekly basis.
Email me directly with any questions or for further information call Fulton Agency, Inc. at (954) 990-6301.
- What Is It? Long Term Care Insurance is coverage that provides you the ability to pay someone (a relative or nurse for example) to provide you with care in your home, instead of having to go to a nursing facility. Of course, it can also provide you the ability to pay for a facility if you choose that option.
- Why Do I Need It? Life is all about choices. If you don';t have the money to pay someone to care for you, what will you do? If you should in some way become incapacitated, or unable to care for yourself, where will you go? Long Term Care Insurance gives you both the funding and ability to choose how and where you will reside. This could be in your own home, in a relative's home, or yes, even in a commercial facility; this coverage provides you the choice, because it provides the funds to pay for the option best for you. You will not be forced in to a county or municipal facility for lack of funding when you carry Long Term Care coverage.
- When Should I Buy It? Even I, an insurance agent of 39 years, waited too long to assess my needs. It was always one of those coverages I could look at later. Later just came sooner than I thought. So when should you buy it? As soon as you can. It is a coverage that does not get cheaper as you age. Currently, the best product on the market allows you to purchase a policy if you are between the ages of 40 and 75 and offers lifetime coverage benefits.
- Who Has The Best Product? This, of course, is an opinion, but I must say that the best product I found in my review of options is the Nationwide Hybrid Product. Nationwide, a $100 billion enterprise, leads in the marketplace by offering an "Indemnity Policy." What that means to you is this: Rather than having the ongoing chore of qualifying caretakers — submitting receipts and care contracts and continuously chasing your money and benefits from your policy — Nationwide pays the dollars out monthly to be used how you or your caretaker see fit.
So, whether you want to pay one of your children to care for you or hire an outside professional, the Nationwide CareMatters product addresses the need and pays the benefits month after month. No paperwork, no ongoing receipt submissions and no hassle. In addition, this product has a benefit that if you don't end up using it, you can receive a full refund of the premium you paid for the policy after 10 years, sometimes sooner!
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