Long Term Care Options

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

VA LTC Benefits VA Aid and Attendance Program

Under certain circumstance long term care coverage is provided
without cost to those of our veterans or their spouses who qualify.

Called the Aid and Attendance benefit, this program is an under-utilized
benefit that can provides upwards of $2o thousand per year to help
a veteran or the surviving spouse of a veteran pay for long term health
care costs including home health care, assisted living or even nursing
home expenses. The benefit is paid regardless of the need for care,
provided the veteran or spouse is older than the age of 65. There are
income and asset restrictions that apply so not all veterans are eligible.
Even if they do qualify a suppleemental LTC policy may make sense.

There are millions of veterans who served during WWII, the Korean
War, the Vietnam War, or the first Gulf War who fall into the category
of needing help with at least one activity of daily living (ADL). There is
no requirement that the veteran actually served in the war zone. It is
just required that they served in the US military during the time of the
conflict. I have two brothers one served in Vietam and the other did his
duty stationed in the US. Both of them may be eligible for coverage if
qualifying conditions are met. Neither has a military related disability
but they may qualify because they served during a period of war,
served a total of 90 days of active duty and received an honorable or
general discharge.

Neither Medicaid nor Medicare will provide a private nurse for home
care. The Aid and Attendance benefit may be available to help pay the
cost. This benefit may provide enough extra income to allow them to
pay for care while avoiding Medicaid spend-down. Reimbursement for
care does not require that care is to be provided by a licensed
professional. It may be provided by a friend or family. For more
information on the VA Aid and Attendance benefit visit you local VA
office, your veterans organization or go online,

www.vaaidandattendance.com
http://www.vaaidandattendance.com

We would be happy to help

www.columbusfinancialplanningpros.com