| Caring for someone who cannot care for themselves can be both emotionally and financially draining. While most people think of the elderly when they hear Long-Term Care (LTC), lifelong catastrophic disabilities can occur at any age. For this reason, LTC Insurance should be an important part of any financial professional's practice. At Master Financial, we offer the finest selection of LTC carriers and policies available.
Long-Term Care can help pay for services, both medical and non-medical, for those with a chronic illness or disability. It is important for your clients to think about how they will fund the care they may need. Generally, Medicare does not pay for care that helps with activities of daily living. The costs involved with in-home health care, assisted living facilities, and nursing homes can add up and deplete all of your client's hard earned savings. Your clients have worked their whole lives to establish this nest egg; it's your job to help them protect it. In addition to relieving the financial burden long-term care can place on a family, LTC also allows your clients to have choices in their care.
Choosing long-term care insurance is an important decision that requires you to help your client determine their possible future health care needs. When choosing the proper LTC policy for your clients, it's crucial to take into account:
- Daily Benefit Amount - The amount of money per day that the LTC policy will pay during the claim period. It's important to decide on indemnity coverage or reimbursement coverage. Indemnity will pay the entire daily benefit during the claim period regardless of actual costs of care. Reimbursement coverage will ONLY pay for the qualifying costs of care.
- Benefit Period - The length of time the LTC benefits will be paid. The longer the benefit period, the more premium your client will pay.
- Inflation Agreement - Choosing the right inflation agreement rider to match your client's needs is of utmost importance to ensure that the clients' coverage will be adequate when they need it most.
- Elimination Period - The length of time between the initial filing of the claim, and the date that claims will be paid. It's important to assist your clients in choosing the proper elimination period based on their means.
We at Master Financial are eager to help guide you and your clients to properly protecting their assets and giving them their freedom and dignity.
|
|
