LONG TERM CARE INSURANCE ASSET PROTECTION
The “hard” reality is that before Medicaid will give you one dime to pay for your nursing home, you will be stripped down of everything you worked so hard for the last 30-40 years. The fact is that that you will have almost no money or assets (about $2000 allowed), and no house (house will be eventually taken if care exceeds value of house), and they will give you approximately just $40 a month to live on for the rest of your life (You may currently keep a car). You can be placed in a nursing home of the government’s choice anywhere in your state and may be 100-150 miles away from your loved ones, and will have no control over your life anymore. With skilled Nursing Home Cost costing approximately $90,000 a year, it is not surprising that over 50% of the people entering a care situation are penniless within one year. With Long Term Care Insurance Asset Protection you can protect all of your assets.
If the LTC policy you buy is a State Partnership Policy then you can shield your assets dollar for dollar for the amount of long term care insurance you purchase! (not the pennies on the dollar amount you paid for the policy!) The state agrees to provide Medicaid asset protection to people who purchase partnership qualified policies, so you won’t have to become indigent, and can protect your spouse and your children. The great feature about Partnership policies is that your Long Term Care Insurance asset protection is based on the amount that your LTC policy pays, not the much smaller amount you pay for the policy. See our page called “LONG TERM CARE INSURANCE STATE PARTNERSHIP” for complete details.
Most people would consider driving without Automobile Insurance of which your chances of having an automobile accident are approximately 1 in 250 or having House Insurance of which your chances of having a house fire are approximately 1 in 1250.
The chances of using your Long Term Care policy are much higher. Since your odds are around 50% that you will need nursing home care, buying a Long Term Care Policy is a way to shield your assets from Medicaid. For many people who have a little nest egg and have their home paid off, paying $3000 yearly for a LTC policy out of the $1000 they receive from Social Security monthly is feasible. You should look into this as soon as possible and especially since many Long Term Care policies require a physical examination if you wait too long to purchase and the Insurance Companies may not sell you a policy if you fail the examination.
2 Facts of Long Term Care Insurance Asset Protection
· Long Term Care Policies are guaranteed renewable, which means that you will have coverage as long as you pay the premiums.
· The premium you pay goes up the older you are, so the sooner you purchase a policy the lower your premiums will be and you will actually save money on premiums in the lifetime of the policy. If you are over age 45 you should consider buying a Long Term Care Policy. The longer you wait to buy a policy, the more your policy will cost as you can see by the example on our “LONG TERM CARE INSURANCE RATES – WAITING WILL COST YOU” page.
If your family has a history of COPD, Stroke, Heart Problems, Alzheimer’s Disease, or other diseases you probably should consider buying Long Term Care Insurance. If you are healthy now, you should consider buying a LTC Policy, because once you get sick, no Long Term Care Insurance Company will insure you and you may become indigent paying for Long Term Care out of your pocket.
Remember it is always better to buy something and have some protection, rather than buying nothing. Just click on the “FREE QUOTE NOW” button below and we will send you no obligation information in the mail.
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