Long-Term Care

Important Fact:  People who need Long Term Care will more than double, from 12 million in 2010 to 27 million in 2050. In fact, 47-percent of early baby boomers (ages 56 to 62 and near retirement age) are likely to exhaust their retirement savings.

Why is Long-Term Care so Important Today?

Long-Term Care Planning does not always include Long-Term Care Insurance (LTCI) but when it does, utilize an agent that has multiple companies to choose from. Cornerstone offers plans from the top LTCI companies. There are many variables to consider when creating a Long-Term Care plan, below we have listed the “basic” benefits of a plan.

1) Care Settings: When the time comes, where would you like your care to be provided? At home, Assisted Living, an Adult Family Home, or a Nursing Home? Some plans will cover care in a facility such as a Nursing Home, Assisted Living, or Alzheimer’s Units. Some plans will cover care in a home setting and other plans will provide care in either setting- these plans are considered comprehensive plans.

2) Benefit Amount: This is the amount of money that is provided for care; most plans will offer amounts ranging from $100 a day to $400 a day. The amount you chose will depend on how much you want the insurance company to pay in the event of your care and how much you are willing to pay for that care out of your own resources. The care in the greater Puget Sound can reach as much as $10,000 a month with an average of roughly $6500 a month. We will help you determine how much is appropriate for your situation.

3) Benefit Period: This is how long your total benefits will last: 2 years, 3 years, 5 years or longer.

4) Elimination Period: This is like a deductible. How long will you have to pay for care before the insurance kicks in? Most plans have 30, 60, 90 and 180 day options frequently offering riders to waive the Elimination period for Home Health Care.

5) Inflation Benefit: This option will determine if your benefits will grow over time. You can chose from simple inflation (usually 5%) or compounding inflation (options starting at 3% going up to 5%).

Can you cover the costs of Long-Term Care?

Common Questions

• What is Custodial Care?
• What are some types of Payment Methods available for me?
• How expensive is Care?

FACTS

• Medicare doesn’t pay for long term care
• Health insurance doesn’t either
• TriCare also doesn’t either

You can contact us at anytime for a free consultation. We will discuss with you what your goals are and match a plan to those goals.