Peter C. Ciravolo
LONG TERM CARE INSURANCE 101
WHO NEEDS LTC INSURANCE?
Anyone who wants to pay pennies on the dollar for their Long-Term Care costs. Whether or not you believe in LTC insurance, it never hurts to get a quote. After all, it could save you a fortune if there was an extended LTC stay.
BEST AGE TO PURCHASE LTC?
Younger is always better, but we understand that there are many other things to accomplish in your financial plan before looking into LTC insurance. We usually see the best pricing for those applying age 40-55. We can happily quote 55-75 years old as well.
WHAT TRIGGERS LTC INSURANCE?
When you hit 2 out of the 6 Activities of Daily Living (ADLs), your benefit will pay out after the elimination period of your choosing. The 6 ADLs include: eating, bathing, transferring, getting dressed, toileting, and continence.
TRADITIONAL LONG-TERM CARE OR LINKED BENEFIT?
The team at BC Brokerage will help you through each scenario.
Basically, traditional LTC will only pay out if there is an LTC event in the insured's life. Linked/Asset Based policies are attached to a Life Insurance policy. Traditional policies are less premium, but Linked/Asset Based policies have more ways of paying a benefit, whether it be LTC or a Death Benefit.
Have further questions about LTC? Schedule a consultation here.