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January 20, 2014

Long Term Care…Do we need it?

We are all living longer.  Can we plan for that?  Long term care is something that is becoming more and more important to all of us.  I have personally witnessed my parents needs changing over these past 5 years.  Watching their health decline is something I do not wish on anyone is a part of life.  Questions like…can they continue to live in their home?  Should they sell their home?  Do they need in home assistance?  Should they move to assisted living?  All of these became a reality along with the biggest question…can they afford it?

My parents moved into assisted living in March/2013.  It was a comfort  knowing they were somewhere that provided warm meals and nursing care on premises.  My father was well taken care of there until he passed away 3 short months later.  My Mother continues to live there needing the assistance due to her failing eyesight and other health issues.  As she needs more services…the price of care increases.

As an agent who was going through this personally, I was thrilled when Grange Life came out with a “long term care rider” to add to their life insurance policies.  This is not a long term care policy. However, it allows you to use up to 2% of your death benefit each month while you are alive to use towards long term care expenses (in home care, adult day care, assisted living, nursing home, etc.).  The amount used is deducted from your death benefit paid to your beneficiary at the time of death. 

This is an option to use to preserve your assets and to help with the expenses needed for long term care.  It is NOT an option in the event you are counting on 100% of the death benefit for your beneficiary (due to the amount used is deducted from the death benefit).  It is a comfort, however, to know you have the ability to use this while alive to help with the increasing costs of long term care. 

The “kicker” is this…the time to write a life insurance policy is when you still have your health.  We can still write someone who has had health issues, however, they may pay more. 

There are long term care policies available that only apply to long term care expenses.  I would advise that you ask…Is the premium guaranteed or can it increase?  

Please give our office a call or email us if a life insurance policy with the long term care rider on it interests you.  I can assist you on different options that will be affordable to you.  I care about your future!!

Tags: long term care

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