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Long Term Care Insurance: The final piece in the senior asset protection puzzle.

Articles and news reports on Long Term Health Care Insurance are becoming increasingly common in newspapers, magazines and other sources targeted at the "senior market." But the truth is, multiple surveys have been conducted, most of which continue to show that Americans are not planning for Long Term Care and have no idea what it will cost. article cont. >>

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What is Long-term Care insurance, you might ask? It's a type of insurance that will pay for care in your home, in an assisted living facility, or in a nursing home when you reach the age and/or state of health that requires such care. Notice, we said "when," not "if." That's because the odds are against us. Modern medical practices, whether health care givers want to admit it or not, are designed to keep us alive, but not to cure us. The result, as we live longer and longer, getting sicker and sicker, needing ever newer, more complex, and more expensive drugs, is that we are more likely than ever in the history of the human race to need extended maintenance or custodial care before we die.

It is an egotistical irony that as Americans, we insure just about everything we can think of—except our own futures. We have fire insurance, car insurance, health insurance, and life insurance. In a last ditch attempt to pass on our accumulated assets according to our own preferences, many of us are still transferring property and trying to manipulate IRA's.

All of that trouble...and we still aren't doing the one thing that would protect our assets in our senior years more than any other single thing we could do. We are still letting year after year pass—tempting fate—without making sure the funds will be in place to pay for our care in those last few years. And let's not kid ourselves. Statistics report that 65% of all people over the age of 60 will need Long Term Care at some point before they die, whether it be for years or just for a few months, and Medicaid will not pay for it unless assets are first exhausted leaving you and your spouse nearly penniless.

Furthermore, if you own so much as a house and a life insurance policy, and Medicaid does step in and pay the bill, the state will claim that house and whatever is left of the life insurance after burial expenses have been paid.

The number one reason that people put off buying LTCi is that they think it will be "expensive." The cost of a nursing home averages $72,000 per year. How long will your assets last at that rate? If you are in your 50s or 60s, you can probably find a LTC policy for $1800 to $3000 per year. That means that a full year's premium would be less than just one month in a nursing home. How can anyone consider that expensive?

Why put it off any longer? Request a cost quote now, and take care to fill in the last piece of your senior puzzle now.

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