Whether you are Florida resident looking for Long Term Care insurance in Tampa, Sarasota, Orlando, Miami or Nationwide please call today for a FREE Long Term Care consultation 813-453-1980 or 1-800-275-1891
Why Long Term Care?
Health insurance and Medicare likely will not cover your long-term care costs. Usually the need arises for long term care when a person witnesses one of their parents in a situation where they can no longer take care of themselves. Caring for an elder family member puts a huge strain on the family physically, emotionally and financially. Long Term Care could last as little as a few months or as long as a few years. 60% of people 65 an older will require Long Term Care at some point in their life. Over 50% of all people that receive LTC are penniless after only one year!
The main reason people buy long term care insurance:
- Protect your assets:
A Home health care aid (if the person is not a nurse) has an average cost is $20/hour; Assisted Living facilities cost an average of $36,000 year. Nursing homes in Florida are approximately $70,000/year. These high costs could deplete your savings in less than one year. Long Term Care Insurance protects your assets by paying these high costs. LTC Insurance allows you to survive financially and pass your assets onto your kids and grandkids.
- Long Term Care insurance allows you to choose what kind of care you want to receive: You could receive care in your own home, nursing home or an assisted living facility.
- Tax Advantages of Long Term Care in Florida:
Long Term Care premiums are tax deductible in Florida along with other medical expenses, as long as your total medical expenses exceed 7.5% of your income.
What assistance does Medicare provide for Long Term Care?
Medicare provides very limited Long Term Care protection to people 65 and older. Medicare will pay 100% for the first 20 days in a skilled nursing facility only if you have a 3 day hospital stay prior to entering a skilled nursing facility. Days 21-100 you pay $137.50 per day and Medicare covers the rest. Beyond 100 days you pay the full costs of your care.
Medicare only provides limited Long Term Care coverage:
- Most skilled nursing facility stays do not immediately follow a 3 day hospital stay.
- Medicare only covers "skilled" home health care. Most home health care is custodial care not skilled care (Skilled care would be a physical therapist or an RN taking care of a wound). Personal care provided by home health aides, such as bathing, toileting, or providing help in getting dressed is not covered. Medicare classifies this as "custodial care" because it could be provided safely and reasonably by people without professional skills and training. Medicare does not pay for "custodial care"
- Most people prefer Long Term Care to be performed at their home.
Long Term Care typically falls into three categories:
- At Home Care: Most preferred method of care, Costs for home health care averages $3,500/month
- Assisted Living Facility: Assisted living facilities are for people needing assistance with Activities of Daily Living (ADLs) but wishing to live as independently as possible for as long as possible.3) Nursing Homes- Only 20% people that purchase Long Term Care use it in a nursing home.
LTC Premiums are less expensive if you purchase at 55 years old versus 65 years old, because the 55 year old will most likely go longer without utilizing the benefits. You pick how much Long Term Care coverage you need per month. Because the cost of home health care, assisting living facilities, and nursing homes are so expensive, individuals typically pick a benefit amount between $4,000-$9,000/month.
Lincoln MoneyGuard
Afraid you won’t end up using Long Term Care Insurance after paying LTC monthly premiums year after year? Lincoln Moneyguard Reserve might be the right fit for you! Invest in a $50,000 Universal Life Insurance policy that provides over four times that amount in Long Term Care Insurance. Either way your investment(with interest) will be paid out in a death benefit or used for Long Term Care.
Example#1: A 65 year old investing in a $50,000 Universal life insurance policy will be able to receive over $225,000 in Long Term Care Insurance or a minimum guaranteed death benefit of $76,267.
Example #2: A 65 year old investing in a $100,000 Universal life insurance policy will be able to receive over $499,000 in Long Term Care Insurance or a minimum guaranteed death benefit of $166,406.
No medical exam required!Call today for a free consultation to see if you qualify for Lincoln Moneyguard Reserve (UL & LTC) at
813-453-1980 or 1-800-275-1891.
