After seeing their parents need Long Term Care, Richard and Barbara Adams searched for answers.
It was the fall of 2008 when Richard and Barbara Adams, recent retirees from the Buffalo School District and a former sales executive at a local newspaper, were on a two-week vacation in the Smoky Mountains when they got the call that Richard’s mom had suffered a fall and was being rushed to the hospital. While in the hospital, she suffered a series of complications, and ultimately left the hospital bound for a nursing home near their home town. It was at this moment that the cost of Long Term Care became real for Richard and Barbara; the cost of care in eastern Virginia was nearly $7,500 a month, and Richard’s mom only had enough cash to last about four months.
To further complicate things, it turned out that the elder Mrs. Adams was diagnosed with dementia while in rehab. The prospect of selling the family home was front in center for Richard, so he knew he needed a plan for himself and Barbara so they didn’t burden their two adult children. Richard set out to find a plan for his mom.
The solution to paying for Long Term Care that kept turning up was long-term care insurance (LTCI). Long-term care insurance unfortunately would not work for Richard’s mom as one must have good health in order to qualify, and experts generally recommend buying between age 45 and 65. In the case of Richard and Barbara, they both had good health so they would have a good shot at getting approved for a policy so they could protect their retirement.
What is Long Term Care Insurance?
Long Term Care Insurance is a financial planning tool used to protect a person’s assets from the high cost of receiving care at home, in an assisted living, adult day care or in a nursing home. This type of care can exceed $90,000 per year in some states so insuring against your risk might make sense for some people.
There are about ten Long Term Care Insurance companies to consider, so using a tool like LTCtree.com will allow you to compare competitive quotes from multiple companies quickly and easily. You won’t pay more in premiums by using such a service, the premiums are regulated by the states and don’t change from agent to agent or site to site.
Premiums for Long Term Care insurance average about $1,800 a year per person but can…