I send all of my clients the following email, encouraging them to look into Long Term Care Insurance. This is especially important for women – we are expected to be the caretakers for our parents and our spouses. Wouldn’t it be wonderful if we could provide emotional support without having to leave our careers and responsibilities to shoulder the burden of daily care? Obtaining LTCI is an act of love toward the caretakers in your life.
During our time together I had you do an insurance audit and we discussed financial advisors, CPAs, and perhaps other attorneys as part of a risk management and reward maximization team.
The last piece of the risk management puzzle is Long Term Care Insurance. If you have reached the age of forty, it is time to start looking into this type of insurance. If your parents are not insured, and you can afford the premiums, it may be prudent to obtain LTCI for them. This is a terrific article from Forbes on this topic.
Your financial advisor may have some experience with this very specific insurance product. Your financial advisor can help you determine whether or not you need LTCI or if you are instead “self-insured” – i.e., your assets are sufficient to carry you through a long term disability after you have reached the age of 65. Many financial advisors do not have experience with LTCI, and so I have provided a referral below to an insurance professional who specializes in LTCI exclusively.
Lee Abel, CLTC
Independent Long Term Care Insurance Advisor
www.longtermcareinsurancesanfrancisco.com
lee@ltci-sf.com
(415) 821-2271
“Planning for future long term care needs should be part of every estate plan. Why? Because government statistics show that “at least 70% of people over age 65 will require some long-term care services at some point in their lives”. And care is extremely expensive. Medicare and private insurance are not designed to cover this. Early planning is essential to be able to obtain the kind of care you might need in the future. Long Term Care Insurance can help solve this growing crisis. There are many types and options available though, so to avoid cookie-cutter solutions, work with an independent agent to find the best possible plan for you and your family. And, just like the urgency of getting your Trust done now, because you never know…., get your long term care insurance in place as well. Once there is a change in your health, it may complicate or eliminate your ability to get coverage.” Lee Abel