Occasionally a client tells us that they do not want to buy Long Term Care (LTC) insurance.
They may feel that they cannot afford the coverage. This is often a erroneous perception. Especially if they buy the policy when they are still relatively young and healthy the premiums can be rather modest considering the massive amount of risk that the insurance is designed to protect the client from! It is relatively easy for a client or a couple to have a LTC risk of $1 million or more.
They may know that their medical conditions make purchasing a policy cost prohibitive if not impossible. There is a real risk here! The best solution for this risk is to buy the product early when you are still in good health.
Some clients want to self fund the risk. The funny thing here is that most of the clients who can truly afford to self insure the risk are also generally smart enough to know that they should not try and self insure a potential multi million dollar risk. When one self insures they are betting that they have decades for their assets to grow enough to be able to cover the costs. Unfortunately our collective crystal balls are less than perfect. We simply have no way of anticipating when we will have the need through disease, or accidental causes. A partially funded program without enough years to compound the growth of assets is just plain not good enough.
If you are one of the lucky ones that truly has the assets but just hates the thought of paying premiums for the next 10 years to life there are alternatives designed for you. These are asset based product and several types are available. Some of these actually include a money back guarantee. you can't loose with these. You get long term care coverage and your money back if you never need it.
Some clients just don't have the assets to protect and for these clients a Medicaid spend down leading to Medicaid covered Long Term Care is a reasonable option.
Regardless of your situation specifics we can help you!
visit our website or contact us directly
www.columbusfinancialplanningpros.com
polarisfinancialservices@gmail.com
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