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"Helping families insure against the emotional and financial consequences of unexpected loss." | For a complimentary copy of a “Shopper’s Guide to Long-Term Care Insurance” published by the National Association of Insurance Commissioners.
Please contact me at 781.762.5626 or rferrini@robferrini.com . It’s easy to read and contains information on what you need to know about long term care insurance, from assessing your needs to purchasing the right policy.
MY MISSION
"My mission is to help families and their professional advisors plan for the consequences of living a long life and needing care for a period of year."
Long Term Care Insurance:
Think of it as Independence. Living life the way you want to and making choices that are right for you and your family - that’s what independence is all about. The need for long term care can arise at any age. In fact, 40% of the people who need long term care are adults between the ages of 18 and 65.1 And the high costs of long term care can have a serious effect on your financial security, your plans for the future, and your family’s well-being.
Don’t let the high cost of long term care interfere with your family’s future.
Long term care insurance should be part of your financial plan.You want to maintain your independence as long as possible. And while you know your family and friends will always be there for you, especially when you need care, you want the time you spend together to be quality time. Long term care insurance helps make that possible, by covering the costs of assistance from healthcare and homecare professionals at home or in facilities, and by giving you access to care planning expertise, advice, and resources.
Do you have the coverage you need? Many people mistakenly believe they are covered for long term care, but this assistance is not typically covered by health or long term disability insurance. And government programs like Medicare pay only for short periods of care, while Medicaid covers only the very poor—those whose assets are at or below state-required levels.
FREQUENTLY ASKED QUESTIONS ABOUT LONG TERM CARE INSURANCE
What is long term care? -- Long term care covers a wide range of supportive services provided to whose who are unable to care for themselves due to illness, disability, or severe cognitive impairment. It includes help with daily activities including BATHING, EATING, DRESSING
How much does long-term care cost? Nationally, a year in a nursing home averages $74,8061, the average cost in Massachusetts is $110,284.751 annually. Assisted living and home care is also expensive. A home health aide visiting three times a week for 6-8 hours --to help with bathing and dressing and other activities of daily living care cost $20,000 -$30,000 per year.
Can I afford long-term care insurance? If your assets, not including you home are less than $75,000, purchasing long-term care insurance may deplete your assets before care is needed. A good rule of thumb is to spend no more than 7% of your gross income on long term care insurance.
When is the "right" time to buy long term care insurance? The saddest thing about Long Term Care insurance is when you need it , it's too late. So, the short answer is...as soon as you can afford it. Long term care insurance premiums are a function of age, and health. The older you are when you but a policy, the more expensive it will be. Moreover, as time passes, the probability of qualifying for coverage diminishes.
How can I keep my premium cost down? Premiums are based on your age, relative health and the amount of coverage you receive. The younger and healthier you are the lower your premiums will be. Limiting benefits, increasing elimination periods and applying for coverage with your spouse or partner will also reduce premiums.
How do I know the coverage I buy today will be sufficient in 15 years or more? Inflation protection is a critical option that increases coverage by five percent annually on either a compound or simple basis. This feature is essential for full protection against rapidly rising costs.
1 2007 Cost of Care Survey-GENWORTH FINANCIAL
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