Craig Strong | Strong Financial Network | Personal Finance Solutions

Long-Term Care Insurance    < back to Personal Finance Solutions   View our outstanding informative video today, you'll be glad you did! The basics of long term care insurance Should you buy long term care insurance? You should not buy long term care insurance if: You can't afford the premiums. You have limited assets. Your only source of income is a Social Security benefit or Supplemental Security Income (SSI). You often have trouble paying for basic needs, such as food, medicine, housing, or utilities. You should consider buying long term care insurance if: You have significant assets and income. You want to protect some of your assets and income. You want to pay for your own care. You want to stay independent of the support of others. Source: The National Association of Insurance Commissioners By 2030, over 70 million Americans will be over age 65. The reality is that a 95-year-old baby boomer without long term care insurance may have to rely on a 90-year-old spouse or a 70-year-old son or daughter for personal care. Consumers can't rely on Medicare, Medicare supplementary insurance, or health insurance to help them meet long term care costs. They don't cover most long-term care expenses.  When to buy a long term care policy When buying long-term care insurance, your age is a primary factor in determining its cost. The younger you are when you get the policy, the cheaper your premiums will be. Of course, you also will be paying those premiums for a longer period of time before taking any benefits. A good time to buy long term care insurance is between ages 50 and 55, according to the American Health Care Association (AHCA), a federation of 50 state health organizations representing assisted living, nursing facility, long term care, and subacute care providers. A policy that costs $800 annually when you're 55 will cost nearly twice as much if you wait to buy it when you're 65. We represent select, top-rated carriers so you get the best value.  Call today for more complete information! How will you pay for long-term care. It could happen to anyone at anytime. Accidents and illnesses happen all the time and usually without warning. Planing for long term care is critical...and long term care insurance can be a critical part of the plan. We recently asked our clients why they bought long term care insurance. Here are their reasons for buying our long-term care plan. 1. They acknowledge they're getting older and want to be prepared in case they need help. Our policyholders want to maintain their independence as long as possible. They don't want to rely on their kids to take care of them or make decisions on their behalf. And they certainly don't want to spend their life savings on LTC services. 2. They want to stay home as long as they can. Remaining at home is a top priority for most people. No one wants to think about going to a nursing home. Instead, our policyholders said they prefer to receive the care they need in the comfort of their own homes. 3. They've seen what happens to people who don't have it. Overwhelmingly, the majority of policyholders we surveyed (78 percent) said they knew someone - either a friend or family member - who needed LTC services. They talked about watching these people struggle financially and seeing the physica; and emotional toll it took on their families. And that was enough to make them say, "I don't want that to happen to me." 4. They don't want their kids to take care of them. Many people we talked to had experience caring for a parent. These folks know how difficult it is to juggle family and work obligations while providing care for an aging relative. And that's why they don't want their own kids to have to care for them. People told us over and over..."I don't want to become a burden to my family." 5. They don't want to spend their life savings on LTC services. People know LTC services are expensive. They also know that peying for the care they need without the help of an LTCi policy could quickly deplete their life savings. And that's not something they're willing to risk. 6. They want to leave an inheritance for their kids Many of our policyholders said they want to make sure they have something left to pass on to their children and grandchildren. One person said, " My long-term care policy is in my name, but it's for the future of my children." 7. They know it's the smart thing to do. Many people we talked to said they view LTCi like other types of insurance. They have automobile insurance to protect them in case of an accident, homeowner's insurance to protect them in case of a fire and life insurance to protect their families if they die too soon. These folks know LTCi is just a smart thing to have. And One Reason They Don't The survey also revealed one important reason many people almost didn't buy an LTCi policy: They thought it was more expensive than it turned out to be. One policyholder summed it up saying, " I didn't think I could afford long-term care insurance. But I found out it's less expensive than I thought."   Our Customers Say it Best.... "You make the process so Easy! We feel more secure knowing we have a top-rated company too."                                                        Mr. and Mrs. Smith, Charlotte "Craig Strong is among the best in the long term care insurance business. His knowledge and shopping service sets him apart. Craig has proven to have impeccable character and integrity, which is why we trust him and his firm."                                                  Mr. and Mrs. Cohen, Charlotte, NC