Long Term Care for People with Adverse Health Conditions - Incredible Long Term Care Evolution!

I've been in the Industry since 1994 and this is the first time I have seen an insurance company offer Long Term Care insurance to people already under care.

LTC insurance has traditionally been heavily scrutinized as to the health and marital status of the applicant and if the applicant had health issues, the case was declined.

Below is a case where Joseph and his family were worried about him running out of money and Joseph has adverse health conditions.

Long Term Care Insurance for People Under Care - A Powerful Case Study

Read the case and you can see there are three specific wins here:

• Joseph knows he will not have to leave the Community he is living in because of a lack of funds to pay the recurring charges.
• The Community knows Joseph will be there until his passing.
• Joseph's family knows they will not have to contribute their personal money or their own retirement savings to keep Joseph in this Community.
• Despite having to face the challenges of cognitive impairment, Joseph and his family can be assured that he will receive the best respite care provided by his long term care coverage.

Get to Know Joseph and His Situation

Joseph is 85 years old and a widower for 2 years.

He moved from home to a Memory Care Assisted Living Community just over a year ago. He had a diagnosis of Dementia 2 years ago, but the exact type is still to be determined. Joseph has had multiple falls and TIAs. He has congenital heart issues and is failing 6 out of 8 ADLs.

The annual cost of respite care in the community is $114,000. Joseph has income from Social Security and a pension of $37,200, leaving him a gap of $76,800. The proceeds from the sale of his own home and some other investments that Joseph has give him an overall asset value of just over $400,000. Joseph named his only daughter as his Power of Attorney.

Joseph's daughter is worried that he will outlive these savings, particularly as the cost of custodial care in nursing homes and institutional care is likely to increase in the future. When daily living care becomes a problem, then it is a big problem.

When Joseph's daughter speaks to a care funding specialist about her concerns, they tell her about the Immediate Care Plan. It is decided to get an ICP quotation to help in the overall solution facility care planning for Joseph. The community that Joseph is staying in no longer accepts Medicaid.

The Immediate Care Plan is a powerful financial plan that saves the client $251,375 against the best SPIA rate available at that time.

This long term care coverage plan allows Joseph's daughter to keep $251,375 in the estate for his care and hopefully a legacy for her at his death.

A Win for People Already Under Care Needing Long Term Care Insurance

Joseph's case is a powerful revolution and it is happening today, which is a great win for people already under care in an assisted living facility, nursing home, or community.

Medical costs have always been something that most people worry about, whether young or old. These become an especially heavy concern for many individuals nearing their golden years.

Healthcare costs are a significant consideration for anyone nearing retirement age, and here's why:

Health Care Frequency: As we age, the frequency of health care needs tends to rise. Regular check-ups, treatments, and medications can accumulate into substantial expenses over the years.
Skilled Nursing Care: Should you require specialized care due to a health condition or injury, much like Joseph, professional nursing care comes into play. This involves professional care services or skilled in home care services, often over extended periods, and can be notably pricier than standard services.
Lifetime Maximum: Many health insurance policies have a lifetime maximum coverage amount. Once this limit is reached, you'll be responsible for all subsequent costs of needed medical services. Given the potential increase in healthcare needs as one ages, reaching this cap becomes a genuine concern.
Personal Care Services: Not all health challenges are about illnesses or conditions. Sometimes, day-to-day activities become strenuous, necessitating long term care. These services, while essential, can be an added cost that many don’t anticipate, especially when a family member is not readily available to provide assistance and one must resort to assisted living services.
Health Status and History: Your past and current state of health plays a pivotal role in your future medical needs and are often scrutinized by any insurance agent. If your health history and any prior hospital stay indicate potential future challenges or if your current health is less than optimal, the need for various health services could be imminent.
Family Member History: Genetics can be telling. If a family member has experienced specific health issues, there's a chance you might face similar challenges, which should factor into your retirement planning.
Care Insurance: Considering the points above, many are now looking into long-term care insurance or the assistance of an insurance agent or financial advisor. Long term care insurance is designed to cover personal and custodial care, whether it's in your home, a community organization, or another facility. However, premiums for such insurance can be higher, especially if the insured person decided to purchase a plan later in life or if they have a complex health history.

As you approach retirement, it's crucial to thoroughly evaluate your potential medical needs and costs. Being proactive now, whether that means purchasing care insurance from an insurance agent or setting aside funds, can safeguard your golden years from unexpected financial strains. One can also figure out tax advantages and other benefits earlier.

The Value of LTC Insurance

As you approach retirement age, being prepared for medical and care costs is paramount.

One of the options retirees consider is LTC insurance or Long Term Care Insurance. This insurance is tailored to cover services often not covered by health insurance, namely long term care services such as skilled care. It becomes especially valuable if one requires assistance with daily activities over extended periods and must definitely be factored into your financial plan.

What is the Benefit of Having LTC Insurance?

As you near retirement or if you are already under care, it's essential to understand the landscape of medical costs and the instruments available, like LTC insurance, to help manage them.

Frequency of Medical Care: As we age, our likelihood of needing regular medical care increases. While routine check-ups might be manageable, unexpected health problems can lead to significant out-of-pocket expenses.
Lifetime Coverage & Daily Benefit: Many long term care policies offer a choice of lifetime or a specified period. The daily benefit amount you choose is critical in determining how much the policy will pay daily for your care. It's essential to understand this payment process, as the costs can be substantial.
Previously, it wasn't possible to obtain LTC insurance while already under care. That has now changed - long term care insurance for individuals under care is now available but few people know about it.
Inflation Protection: Considering that medical costs and assisted living facility costs often rise faster than general inflation rates, having inflation protection as a feature in your long term care insurance policy can be invaluable. It ensures that the benefits you receive adjust and keep pace with increasing care costs.
Fewer Restrictions: Compared to other insurances, a good long term care insurance policy typically has fewer restrictions. Whether it's in-home care, a nursing facility, or assisted living, the right policy offers flexibility in the type of care you receive.
Skilled Care and the Respite Factor: If faced with severe health problems, you might require professional care, which can be pricier. Moreover, for family members who might initially act as caregivers, the 'respite factor' kicks in when they need a break. LTC insurance can cover the costs of professional care during such respite periods.
Cost Consideration: While long term care insurance can provide substantial peace of mind, it's also a significant investment. Premiums can be high, especially if initiated later in life or if one has pre-existing health conditions. Also, the cost of long term care services increase over time due to inflation and other factors. Whether you choose to stay in nursing homes, assisted living communities, or in your own home - medical and care costs should always be considered properly.

Investing time now in the right insurance policies to plan for potential healthcare needs or to mitigate the pressure of the waiting period while being under care ensures you're well-prepared for whatever the future holds.

How Medallion Financial Resources Can Help

Does Joseph and his situation bring to mind anyone you know?

Give us a call at 941-486-0305 and Medallion Financial Resources will be by your side to provide benefits tailored to fit your needs.

Rachel and I are very excited to be able to offer assistance to a group of people that have never had an opportunity for coverage with an insurance company.

Medallion Financial Resources is a financial advisor company in Venice, Florida. Get in touch with us and benefit from our comprehensive financial planning assistance services, including but not limited to LTC Insurance, Asset Protection, and Tax-Free Retirement Planning. Get the personal care for your golden years that you deserve.

We will sit down with you, discuss your needs and challenges in depth, and then provide customized solutions based on your goals, budget, and current financial situation.

We will uphold the utmost standards of integrity and professionalism in our interactions with you, our valued client. Our aim is to deeply comprehend your financial landscape and offer only top-tier information, services, and products to guide you toward your financial aspirations.

When it comes to long term care insurance for individuals not in care or who are already under care, we will work with you to pass the risk of the cost of care to an insurance company.

Contact Us.

Key Takeaways

Navigating our financial future, long-term care insurance stands out as a real game-changer.

As we get older and life's curveballs come our way, this insurance is like our financial safety net. Without it, we might find ourselves digging deep into our retirement savings or asking our loved ones to shoulder unexpected long term care insurance policy costs and expensive residential care facilities. Getting long-term care insurance isn’t just smart money moves; it's about ensuring we're covered when we need it most. Simply put, it's like giving our future selves a little extra peace of mind.

With Joseph's case as pioneering evidence, it is now possible to obtain LTC insurance for people under care. Contact Medallion Financial Resources for guidance on how to benefit from this same coverage for yourself.