This Mother’s Day, what better gift for your mom than the peace of mind that her future is secure?
The gift of long-term care insurance could be the difference between security and financial ruin.
Peace of mind is priceless
If the cost of future long-term care could jeopardize the ability for your mom to live free and without worry, why not make an investment today to cover all of those expenses? This impactful gift could help you avoid going through the hell of Title 19 Medicaid planning to reduce her estate.
Long-term care insurance can open up a lot more options as far as where and how your mother spends her later years.
What does long-term care insurance cover?
So what is long-term care insurance, anyway?
Long-term care provides for care that isn’t covered by regular health insurance. In general, this insurance kicks in when someone needs assistance with daily activities such as bathing, dressing, and getting in and out of bed. This could be due to disabilities or chronic medical conditions, such as Alzheimer’s disease or dementia.
These kinds of policies are not limited to nursing homes. The policy holder could also receive this care in their home, at an adult day care center, as well as nursing homes, assisted living facilities or skilled nursing facilities.
Long-term care insurance could provide options that would allow your mother to stay in her own home longer.
Most seniors will need long-term care
Almost 70% of people ages 65 and older need long-term care at some point in their later years, with women on average needing some form of care for about 3.7 years and men for about 2.2 years. It is critical to have a plan for how to pay for such care. Medicare only covers brief stays, and most regular health insurance will not cover it at all.
It is important to purchase these policies early. In fact, everyone in their 50s or older should consider taking out a long-term care policy. Unfortunately, people won’t qualify for long-term care insurance if they already have a debilitating condition, and it is nearly impossible to find a company that will insure you if you are older than 75.
The average stay in a nursing facility is between 19 and 26 months, so I recommend plans that will cover at least 24 months of this type of care.
Many long-term care insurance policies are very affordable. They won’t cover the platinum care facility, it will be far better than the basic options you’d be forced to consider if you pay out of pocket.
Worth the investment
I had a client who was concerned when his mother’s health began to change, and he saw a diminishment in her capacity. She became forgetful, and he knew he needed to take precautions.
They took out a long-term care plan, even though it was an expensive premium of nearly $400 a month. Within about 13 months of buying it, my client’s mother needed to enter a nursing home. By then, they had a cash account of $200,000, which bought them 20 months of care. That was more than enough to cover her care for the rest of her life.
Think about that. This family paid $400 a month for 13 months, so they were $1,200 into their commitment when they got back $200,000 in value. Now imagine what would have happened if they had to pay out of pocket for that expensive care facility.
If you want to give this gift of peace and security this year, schedule a consultation to discuss your options today.
