Florida Financial and Insurance Group
SHOULD I BUY
LONG TERM CARE INSURANCE?
ACCORDING TO THE U.S. DEPARTMENT OF HEALTH AND HUMAN SERVICES, 70% OF PEOPLE TURNING AGE 65 EXPECT TO USE SOME FORM OF LONG TERM CARE DURING THEIR LIVES. THE OLDER YOU ARE THE MORE LIKELY YOU ARE TO USE L.T.C. THE LONGER YOU LIVE THE MORE LIKELY YOU ARE TO NEED LONG TERM CARE. THESE ARE JUST A FEW OF THE STATISTICS THAT CAN AFFECT YOUR LONG TERM CARE NEEDS.
Pros and Cons of Long Term Care Insurance
THE PRO'S OF LONG TERM CARE ARE SHORT AND TO THE POINT. LONG TERM CARE CAN WIPE OUT YOUR ENTIRE LIFE SAVINGS . COSTS CAN BE WELL OVER $10,000 PER MONTH DEPENDING ON YOUR SITUATION. A PROPER INSURANCE PLAN CAN DECREASE THIS FROM HAPPENING.
THE CONS ARE INSURANCE CAN BE VERY EXPENSIVE AND MAY BE UNAFFORDABLE DURING RETIREMENT YEARS. IN SOME POLICIES, IF YOU DO NOT END UP IN A NURSING HOME, YOU SPEND A LOT OF MONEY FOR NOTHING. HOWEVER, WE HAVE WAYS OF PREVENTING THIS - ASK US FOR DETAILS.
GET PAID TO COVER YOUR LONG TERM CARE
THERE ARE POLICIES AND INVESTMENTS WITH A LONG TERM CARE COMPONENT, WHERE YOU CAN EARN INTEREST ON YOUR ACCOUNT. IF YOU NEVER USE IT, THE PLAN MADE YOU MONEY INSTEAD OF COSTING YOU MONEY. IF YOU NEED L.T.C. COVERAGE, IT WILL THEN BE AVAILABLE FOR YOU.
PAYING YOUR FAMILY
IF YOU DON'T USE YOUR LONG TERM CARE
IF YOU NEVER UTILIZE YOUR LONG TERM CARE PLAN, THERE ARE PLANS THAT WILL PAY ALL OF WHAT YOU HAVE INTO THE PLAN, PLUS A SIGNIFICANT AMOUNT MORE TO YOUR FAMILY OR BENEFICIARY. THESE ARE LIFE INSURANCE PLANS WITH A LONG TERM CARE COMPONENT.