Long Term Health Insurance
Long Term Health Insurance
  • LTCi & how it helps you
  • Assistance & it's cost!
  • You gain by buying early
  • Plan for health changes
  • Tax Advantages for you
  • Professional Background
  • Resources to learn more
  • More
    • LTCi & how it helps you
    • Assistance & it's cost!
    • You gain by buying early
    • Plan for health changes
    • Tax Advantages for you
    • Professional Background
    • Resources to learn more
  • LTCi & how it helps you
  • Assistance & it's cost!
  • You gain by buying early
  • Plan for health changes
  • Tax Advantages for you
  • Professional Background
  • Resources to learn more

Planning for a future change in your health is important!

Long ago Mark Twain stated — when looking to the future:

         "Plan for the future because that's where you are going to spend the rest of your life". 


His words are very insightful and encourage us —  to take time today to think about:

     > how we want to live & where in the future  

     > what lifestyle would you like if a change in health were to happen

OK — most people don't plan — then need assistance, as in picture, when their health changes!

Why don't people plan? There is no single answer  — It is a part of human nature   Some think I'm:

 ●  "invulnerable" so  — "I won't need assistance".


 ●  busy with work & life. —   I'll take action later! 


However, "when later comes" which it will — everyone faces two problems:  

        ˃  First —  The cost to buy goes up for each year they wait. 

             e.g.  it's 33% higher if you wait to 55 vs buying at 50!   

             e.g, if you are 60, the cost is 60% higher vs when 55. 


        ˃  Second —  no one knows if their health will change —  if it does the chance is very high they may not qualify!

Some say if I pay for a plan a long time — I may never get my money's worth! — Lets look at this!

 ●  Buying "insurance to protect your income & savings": 

       ˃  Is not the same as putting money in an investment and  —  hoping to get more back.

 

       ˃  Gives you a guarantee the benefit amount you selected will grow & be there so you can hire assistance — no hope is involved!


Let's look at  — "not get money back": 

       ˃  Person at 55 buys a four year benefit then needs assistance say at 80. What they paid over 25 years could come back in benefits in close to a year! 

       Note: In addition, the benefit pool they bought continues to be available to pay for assistance for three more years.

What help or assistance is available from the government?

• What about MediCare?

People (66%) incorrectly believe MediCare pays for on going assistance.  But it does not! 

These words, from the Medicare.gov web site, tell us: [I added bold]


    "Medicare Part A (Hospital Insurance) helps cover inpatient care in hospitals, including critical access hospitals, and skilled nursing facilities (not custodial or long-term care). It also helps cover hospice care and some home health care."

• What about MedicAid? (Welfare)

Welfar in CT will pay for long term services & supports if and it's a Big if - a person's income is low enough to qualify.  


● However,  having the state of CT pay is not guaranteed The questions then become: 

     > will current state/federal funding, continue in the future? 

     > will CT's budget controls change what is covered? 


●  Some people think CT will alway pay and others are following advise from some source to pay for a plan  so they can apply if needed.


● However, many don't want the kind of lifestyle, which comes with receiving MedicAID. They believe it means their dignity would be lost.


      Note: Another thing about being on MedicAid - Connecticut's reimbursement rates for nursing facilities are very low so a facility near home may not be available.

What about a tax deduction for the cost of your assistance insurance? Are any available?

Surprise! The IRS says owning long term care insurance can have a positive affect on taxes. 


Couple things. IRS regulations state:: 

● When you buy a qualified Long Term Care insurance plan any money received in benefits is tax free! 


● Some individuals can benefit from the Long Term Care insurance age based partial deduction. Payments are deducted when completing their IRS 1040.


● On the other hand if you withdrawn dollars from investments to pay for assistance you do have to pay taxes!

Key — Buying insurance transfers the responsibility to pay — to a "Long Term Health" company !

Bottom line!

Call John C Parker today  —  860.739.0005.  We can talk about your situation &  how the parts (options) of a Long Term Care insurance plan, which meet your budget, will work for you. 


I'll get back to you if not available. You can also send a note to - Learn@JohnCParker.agency 


What is involved in applying for this financial protection!

Steps in the lengthy process to apply for Long Term Care insurance.

When you apply for Long Term Care insurance the process is a lengthy! The steps include:

● An extensive review of each person's medical history by answering in detail written and phone questions.

● First an initial review:

This is used to determine if a persons medical situation is OK to take the time & details needed for the extensive review.


 The preliminary review asks questions about a person's medical situation & their use of medications.  

● When the preliminary review is satisfactory the next step is to complete:

A formal application with the benefits ( plan part) you are interested in. 


When it is submitted the lengthy process begins with some written questions, a phone interview, and perhaps other steps. 

What you can gain from all this!

When a plan is approved, perhaps with a higher cost, and it's acceptable you own a Long Term Care insurance plan.


Then if a change of health happens requiring on going assistance you:

● Won't become a burden on the ones you love. 


● Can hire professionals and continue to be more independent! 


● Have  protected your income & Savings!

Call John C Parker today - (860) 739-0005 if questions on this special insurance or about applying!

I'll get back to you if not available.  


 You can also send a note to -  Learn@JohnCParker.ag

  • The content on LongTermHealthInsuranceInConnecticut.com is © 2018 to 2023 by John C Parker, RHU, LTCP  - All Rights Reserved.

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  • LTCi & how it helps you
  • Assistance & it's cost!
  • You gain by buying early
  • Plan for health changes
  • Tax Advantages for you
  • Professional Background
  • Resources to learn more