Single woman, aged 59 has accumulated $200,000 in assets. At age 67 will receive moderate income from Social Security and is still working. Wants to remain at home for as long as possible if care is required. Lives in Ohio, daughter lives in Maryland. Daughter earns significant income but is concerned that if her mother were to require care, she would not be able to take time off from work to provide care. Mother resistant to purchasing adequate coverage because she felt she could not afford the premium.
If you find yourself in a position where one partner is ineligible for LTC insurance, there are are other options available to help cover you financially.
We are open and available to educate and help you plan using insurance to fund your plan. When you work with Baygroup Insurance, we will talk with you on the phone and permit you to view our screen as we go over information in the comfort and safety of your home. Take the first step to learning more about planning for your family. We can help you with long term care, life, disability, health and
Combination Long Term Care insurance (LTCi) policies, also known as linked-benefits or hybrid policies, are quickly gaining popularity.It combines or links long term care benefits with another type of insurance - life insurance plan or an annuity. It provides a benefit pool to pay for qualified long term care expenses, but if care is not needed, the heirs receive the life insurance death benefit or the cash value from the annuity.
Terry Savage discusses asset-based Long Term Care insurance in this article. While supporting the need for long term care insurance, Savage acknowledges that the product may seem too pricey for some consumers. This article discusses Combination long term care insurance/life insurance products in this article. These products are gaining popularity for many reasons.
Melissa Barnickel returns to the Senior Spotlight radio show with Sue Haviland to discuss Long-Term Care insurance. Listen to clips from the radio show!
Dave Carpenter discusses the importance of owning Disability Insurance in this Bloomberg Business Week article. Disability Insurance is easy to overlook, until it is needed. This statistic from the article speaks for itself:
Government studies show that a 20-year-old worker has a 30 percent chance of becoming disabled before reaching full retirement age. Yet only about a third of employees in private industry have long-term disability insurance, according to the Bureau of Labor Statistics.
Kelly Greene of the Wall Street Journal addresses common concerns about purchasing Long-Term Care insurance (LTCi), but validates that LTCi is necessary.
