A Choice – Paying for Long Term Care Insurance

Purchasing Long Term Care Insurance is a choice, plain and simple. I have found this to be somewhat gender sensitive, meaning my female clients’ interest is greater than their male counterparts. In fact, I have had widows in my office whose very first request was to get them some long term care protection that their husband refused to purchase.

I believe it is a choice because you always have options. You can choose to spend all of your assets on long term care expenses and live with kids, or potentially have to rely on Medicaid should those funds be exhausted.

Previous generations have been surprised by how long they lived. My father-in-law lived to 90, after retiring at 60, as he didn’t think he would live to 70 – I agreed as his older brothers and sisters died in their 70’s. I would suggest current generations need to be aware: life insurance companies actuary tables go out to age 120.

I ask you to consider the following:

  1. There are now multiple strategies you may utilize for long term care benefits. These should be reviewed with a qualified financial advisor to determine if any are appropriate for you.
  2. Even though full coverage for current costs of long term care is often recommended, I would suggest a supplemental amount to make up for what social security retirement monies you may be receiving.
  3. If protection is not taken out for both spouses, consider taking out for at least one.
  4. There is an optimum age to acquire various Long Term Care Insurance products. Again, I would recommend you review this with a qualified financial advisor as early as in your 40’s.

We welcome the opportunity to share the many nuances of long term care issues and answer any questions you may have.

Charles R. Elhoff, Jr.
CFP®, ChFC, CLU
Life and Health Insurance Counselor

2535 East Southlake Blvd., Suite 100
Southlake, TX 76092
Phone Numbers:
817-717-3812
817-735-1095

Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Level Four Advisory Services, a registered investment advisor. Level Four Advisory Services and Virtus Wealth Management are separate entities from LPL Financial.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. Insurance guarantees are based on the claims paying ability of the issuing company.

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