Long-Term Care Insurance

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From the Ask the Plan Man Podcast...
Everyone’s biggest fear is running out of money later in life. Using long term care insurance or a hybrid long term care strategy tied with life insurance can help take care of that risk.
In this video I’ll explain how long term care insurance works and how you can combine the power of life insurance to create your own hybrid long term care solution.
EP 015: Understanding Long Term Care – What IS and what ISN’T covered? ft. Joseph Bensmihen
Most retirees greatest fear is running out of money. Why? Escalating health costs. How can you manage that risk? Long Term Care Insurance. On today’s episode, we will discuss what Medicare will and won’t pay, the misnomers about Medicaid and share with you things you can do to properly plan.

planning for tomorrow: your guide to long-term care insurance

It’s never easy to think about the possibility of needing long-term care, but preparing for it can offer peace of mind for you and your loved ones. Long-term care insurance provides financial support when you need assistance with daily activities due to chronic illness, disability, or cognitive impairment. This insurance offers the freedom to choose the type of long-term care services and facilities that best suit your needs, preserving your dignity and independence in the face of life’s unexpected challenges.

why you might need long-term care insurance

The costs associated with long-term care can be substantial, often surpassing the means of many families. Medicare generally does not cover long-term care, and Medicaid only steps in when your financial resources are significantly depleted. Long-term care insurance fills this gap, providing financial protection that allows you to access high-quality care without exhausting your savings.

But it’s not just about finances. It’s about ensuring you get the care you need in a setting you’re comfortable with, and it’s about giving your family the peace of mind knowing that your care needs are covered. Bruce and Robyn Weinstein, the dedicated agents at Weinstein Wealth Insurance Solutions, can guide you to a long-term care insurance policy that balances your needs and budget.

navigating the landscape of long-term care insurance

Choosing long-term care insurance can be complex, but Bruce and Robyn Weinstein are committed to helping you make an informed decision. They’ll discuss factors that influence the cost of long-term care insurance, like your age, health, the amount of coverage, and any optional benefits you choose.

They’ll also explain the features of long-term care insurance policies. These include the elimination period (akin to a deductible), daily or monthly benefit amounts, benefit periods, and inflation protection options. Understanding these elements will enable you to choose a policy that provides the level of coverage you need.

These policies often cover home health care, assisted living, adult daycare, respite care, hospice care, nursing homes, and Alzheimer’s facilities.

It’s generally best to buy in your mid-50s to mid-60s when premiums are lower, and you’re more likely to qualify.

Most policies cover in-home care, but specifics vary by policy.

It depends on your financial situation, health, and personal preferences. Bruce and Robyn can help you evaluate whether it’s right for you.

Yes, premiums can increase, though any increases must be justified to and approved by state regulators.

Generally, they are not taxable. However, consult with a tax advisor for specific guidance.

Yes, if you already have certain health conditions, you may be denied coverage.

Traditional policies offer only long-term care benefits, while hybrid policies combine life insurance or annuities with long-term care benefits.

You choose the benefit period when you buy the policy. It could range from a few years to a lifetime.

It’s a waiting period (like a deductible) before your benefits begin.

be prepared with long term care insurance

Choosing long-term care insurance is a significant decision. But remember, you don’t have to navigate it alone. We invite you to reach out to Bruce and Robyn Weinstein at Weinstein Wealth Insurance Solutions. With their knowledge and compassion, they’ll help you find the long-term care insurance policy that aligns with your needs and budget. Contact us today and take the first step towards securing your future.

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