Long Term Care: Why NOW May be the Time to Act

By Veritas Insurance Advisor Paulette Ruminski

Please take a minute of your valuable time to read this somewhat frank information about a very important topic.

Many of us put off thinking about Long Term Care (LTC). I know it’s not a particularly pleasant topic, and I would prefer to be talking about the beautiful summer months ahead or maybe the World Famous Walldogs coming to Plymouth in June! However, a delay in becoming informed about LTC could be a costly mistake, both short and long term. Why? Because the cost for LTC protection is based on both your age at the time of application (typically the younger you are, the lower the cost), and your health status. Unfortunately, many of us (even in our 50s) are finding that current health factors may not allow us to purchase LTC coverage.

As we go through life we face many risks: auto accidents, home fires, life threatening illness and even death. We usually protect ourselves, spouses, and families against these risks with insurance. Today, however, especially as we are living longer due to the benefits of enhanced medical technology, the overlooked risk is the risk of needing long- term care. In fact, did you know…

o   3 in 900 (.33%) = Odds of having a car accident

o   7 in 900 (.77%) = Odds of having a home fire

o   21 in 900 (2.3%) = Odds of being admitted to a critical care unit

o   630 in 900 (70%) = Odds of needing long term care

There also seems to be a false sense of security that Medicare and Medicare Supplements will cover our long term care needs. Take a look on page 4 when you receive Your Social Security Statement, the annual publication sent to all workers (or at http://www.socialsecurity.gov/). “Medicare does not pay for long-term care, so you may want to consider options for private insurance.”

The emphasis on plans today is not as much about a skilled nursing facility as it is to help you stay in your own home, pay you a guaranteed monthly benefit (regardless of expense), and even pay family or friends to care for you.

Would you like to learn more about your options, including 2011 tax deductibility advantages and your asset protection through the Wisconsin LTC Partnership Program? Please give me a call at 920-893-5262.  If you are in the Sheboygan County area, you may want to attend our one-hour educational seminar, June 16, 2011 at 12:00 noon a.m. (lunch) or 5:30 p.m. (dinner) at Mill Street Grill in Plymouth. Seating is limited, so we would appreciate a call to let us know you will be joining us.