Long Term Care Insurance - don’t leave this critical protection out of your Estate Planning
One of the most important parts of any properly designed estate plan is to have a Long Term Care Insuarnce policy in place. At this point in your life you most likely have all of your finances in order including having your portfolio properly protected from market changes.
Sadly, far too many Americans still have far too much risk in their estate plans. The missing element that can literally wipe out your estate is having to pay for extended periods of care as we age. A fantastic way to mitigate this risk is by having a properly designed Long Term Care Insurance policy in place.
Long Term Care Policies are becoming more and more popular every year and more popular with the last of the baby boomer generation. Take this simple self test regarding paying for the costs of Long Term Care. At today’s rates the average nursing home costs approximately $6,000 per month or $72,000 a year. Now take your liquid assets and divide that number by $72,000. This will give you how many years your estate would last if you needed extended care. If you are married, take the number of years and divide that number by two…since there are two of you to pay for. Pretty scary huh!
This little exercise can be an eye opener for most. And that was based upon today’s costs. Is your portfolio growing at the rate of health care costs? Hopefully so, if not, then your assets could be depleted that much faster.
The solution to protecting your estate is to have a properly designed Long Term Care Insurance Policy in place. Several large insurance carriers offer these great plans such as Allianz, Genworth, John Hancock and MetLife.
Thankfully, most qualified Estate Planners understand the value of having this type of plan in place. You can read a great article from Bacon/Wilson, Attorneys at Law, on this subject here.
Get a fast, easy, and free quote on Long Term Care Insurance of all types. Please click and fill out the form for a no-obligation long term care quote.
Tags: Allianz, Attorneys At Law, Baby Boomer, Baby Boomer Generation, Care Policies, Critical Protection, Eye Opener, Genworth, Health Care Costs, Insurance Carriers, Insurance Policy, John Hancock, Liquid Assets, long term care, long term care insurance, Market Changes, Metlife, Nursing Home, Self Test, Term Care Insurance