“Long term care insurance is too expensive.” Is it, really? How much does it cost? You don’t really know, do you, until you sit down with an LTC Specialist to discuss what sort of plan makes sense for you. LTC insurance is an extremely flexible product, and before a good agent starts throwing numbers out, he or she will sit with you and find out what you need for coverage. This is done by talking with you about your needs, your family, your finances, and your expectations. When you’ve talked through all of that, then the agent can recommend a plan, and that plan will drive the price.
Most clients are simply looking for an affordable safety net plan – something that will supplement their other assets, and help them stay out of the nursing home, while taking the burden off of their family. A safety net plan, if properly designed, will be quite affordable – especially when you consider the alternative – a very costly long term care bill. One major insurance carrier recently announced that they’re paying $1,500,000 per day in long term care insurance benefits. I’m guessing that the people getting those checks aren’t complaining that they paid too much for their insurance.
Now, this doesn’t mean you may not have heard some horror stories about ridiculously expensive policies. I can show you one of those policies, but chances are you don’t need it, you don’t want it, and won’t buy it. You’ll be unprotected because I tried to sell you an inappropriate plan. Or, we can design a good, solid, safety net plan that would be very reasonable in cost, and it would provide you with a lot of protection and the peace of mind you’re looking for.
Be smart, and do your homework. Don’t “assume” yourself into a tight spot. Good luck! Kerry Peabody, Clark Insurance