Long Term Care Plans…the time is right!

ssltc-ltc
What is New in LTC Planning?
July 7, 2017
Look at the Whole Picture
July 7, 2017

 

Long Term Care Insurance Planning is important.   Retirement keeps being moved further back because the economy has caused us to need more years of income to live the lifestyle we desire and our current assets and incomes have been affected.  Now the focus is to protect our retirement income.   If the cost of care at home is $200 per day now…based on projected inflation of 5% compounded we could need $540 per day for the same level of service.  Long Term Care Insurance is cheap compared to that expense!   A 55 year old can buy coverage anywhere from $1800 per year for a basic plan to as much as $4000 per year for a very comprehensive plan.   The point is that “significant” coverage is somewhere in between and a good plan should be tailored accordingly.   There are ways to save money:

  • Premiums are age based….buy young (Don’t leave your 50’s without it!)
  • Marital discounts can be as much as 40%.
  • Preferred health discounts can be as much as 15%.
  • Multi Life plans (3 or more applicants)can be discounted, offer simplified underwriting, and can be segregated.
  • New combination plans include life insurance, leverage options…and guaranteed return of premium.
  • State Tax credits are big.   (NY gives a pure 20% credit for total premium paid!)

The new generation of LTC plans offer a refreshing variety of options to suit more needs.  Cash alternative benefits are available and add new flexibility.  State partnership plans have been updated and are now offering more levels of asset protection.

This is a great time to get in touch with Schneider & Shulman Associates.  We are Long Term Care Insurance specialists and will answer all your questions and give you a range of benefits and premiums to consider.   We will then help you design a plan that works for you.  We do not charge for this service….its free.   We are General Agents fo the top providers including: Genworth,  John Hancock, MetLife and Prudential.  Call us toll free at 1 877 843-9582.  Or visit us on the web at www.ssltc.com or email us at info@ssltc.com.