Frustrated trying to figure out which of the available policies best suits your needs? ... .
Phil Weintraub, Jr. CA Lic. 0387579
Member of the American Association of Long Term Care Insurance.
Certified Insurance Agent for Covered California. For a no obligation free consultation and/or rates, call (760) 992-5818 or Send an email
A Long Term Care Insurance specialist can help you decide You may have done research yourself and found lots of information about Long Term Care Insurance. That's a great start! However, making the link between general information and a specific policy that exactly suits YOU is vital, and can make a big difference when you need to use your policy benefits. In addition, when it comes to Long Term Care Insurance, it's important to have personal guidance to understand the small details that can easily be overlooked, both on the policy and the application process.
Phil Weintraub, Jr. entered the insurance industry in 1970 and opened his own agency in Beverly Hills in 1986. He expanded to Rancho Mirage in 2005 and now serves clients in the Palm Springs, Palm Desert and the entire Coachella Valley. Specializing in insurance for long term care since 1987, Phil has extensive knowledge and experience in this field. In addition to field expertise, he regards the personal service he offers his clients as one of the most important products he has to offer (see "What our clients say"). Phil is licensed to write Long Term Care Insurance in California, Arizona and Nevada.
What is long term care? Long term care are services provided to those who can no longer manage the activities of daily living (ADLs). This type of care can take place in their own home, a nursing facility, or an assisted living facility.
How much will long term care cost? According to "Complete Long Term Care.com", the following are Riverside County Longterm Care Insurance rates. For a more complete chart for California, please see the Mutual of Omaha LTC chart of expenses.
- Hourly rate for a Home Health Care Aid: $20/hour (if needed for only 40 hours/week = $3,200 per month) - Assisted living facility: $3,000 per month. - Nursing home: $208/day = $6,240 for a month.
Do you need long term care insurance? Figuring the odds: Of people age 65+, over half will require long term care, and currently 40% of those receiving benefits are under the age of 65. Additionally, a Harvard study showed that 69% of singles and 34% of married couples would exhaust their assets after only 13 weeks (91 days) in a nursing home.
Assuming someone else will pay for your care can be a dangerous game.
- Medicare pays only for a skilled nursing facility and then only for a limited time. However, most long term care is not skilled care. - Medicaid is a welfare program. It would only kick in after a person's assets are gone and does not provide coverage in their own home. - Health insurance and medicare supplements also do not cover these costs.
Ways to keep the cost of long term care insurance low ... Let Uncle Sam help pay for your coverage: If you are self employed, own an S-Corp or a C-Corp, you may deduct up to $4370 if you are over age 70. Between 60-70, that amount is $3500. Younger ages=lower deductibility.
Recover your premiums: You could recover 20 years of premiums paid in less than 1 year of using your benefits.
Other ways to keep your costs down:
- Reduce the maximum benefit period - Reduce the daily benefit - If you are over 75, don't purchase an inflation rider - Purchase partial home care coverage - Or, don't purchase any home care benefit
Most reputable life insurance companies offer guaranteed renewable policies for life, but never at fixed, lifetime rates. I try to utilize only companies that have never increased the rates on existing policyholders.
When is the best time to buy? The sooner you buy, the less it will cost. There is no advantage to waiting because rates are determined at the age you apply for coverage. If your health deteriorates, that will severely limit your eligibility to qualify for benefits.