Richard Suder, CFA, CFP®, ChFC, CLU, CRPS, AAMS

President
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Long Term Care

Long Term Care (LTC) is a type of care for chronic conditions not covered by health insurance; it is meant to support an individual who requires assistance with activities of daily living over an extended period of time.  LTC insurance offers coverage that provides skilled nursing, intermediate care, or custodial care for a patient in a nursing facility or his or her residence following an injury or from bad health.

 

Suitable for:

 

  • Individuals who want to protect their savings from unexpected illness and are relatively in good health

Reasons for Long Term Care
  • Preserve Wealth- Healthcare costs are rising and a chronic illness could wipe out a lifetime of financial planning for your client
  • Tax Benefits- Benefits paid out to Long Term Care policies are tax free
  • Medicare is not enough- Medicare will only provide a maximum benefit of 100 days nursing home care, for which the recipient is only eligible after 3 days of consecutive hospital stay.  The first 20 days are fully covered by Medicare, and the remaining 80 days will require the client to pay any costs over $133/day* (2009). All Medicare benefits end after 100 days.  A patient with chronic long-term care needs will probably require some form of LTC beyond the 100-day period

 

*Set for inflation annually.

 

Carriers who offer traditional LTC products:

 

   

 

Carriers who offer LTC riders:

 

    

 

Resources

 

 

Disability Insurance

 

Disability Insurance provides a periodic benefit to an insured who has become unable to work. Disability insurance may also be called income replacement insurance, weekly indemnity, short-term or long-term income replacement insurance or short-term or long-term disability insurance.

 

Suitable for:

 

  • Client that does not have an income replacement plan through their savings, employer or other means to cover their living expenses if they became disabled
 
 
   

 

I swore I was going to exclusively collect assets and not liabilities for the rest of my life. I swore never to take gambles I couldn’t back up, or that I couldn’t afford to lose. And, I’ve stuck with that ever since. 
 

- Tim Blixseth