Check the background of this financial professional on FINRA's BrokerCheck.

Insurance Services

Long Term Care Insurance

Let us Help You Plan for Your Future



Long-term-care insurance can pay for long-term care, either in an institution (such as a nursing home) or in a residence (such as an assisted living facility) or in one's own home.

One out of every two people will need long-term care at some point in their life time. And over 70% of those over 65 will require long-term care.

Long-term care can be:

• skilled nursing care, or
• custodial care to help with the activities of daily living

The settings for long-term care can be:

• in a nursing home
• in an assisted living facility
• in your own home
• in an adult day care center

Regardless of the type of long-term care or the setting, long-term care is very expensive and can deplete your life savings. You have limited choices for paying for long-term care:

• private funds (self-insurance)
• welfare (Medicaid)
• long-term-care insurance

What is long-term-care insurance?

Long-term-care insurance, like all insurance, requires you to pay a premium on a regular basis so that you don't have to pay a huge amount later on in the event of a catastrophic illness or condition.

Long-term-care insurance covers services for people who are unable to care for themselves. The most common reasons that people need long-term-care insurance are:

• a prolonged illness, such as cancer
• a degenerative condition, such as Parkinson's or a stroke
• a disability
• a cognitive disorder, such as Alzheimer's disease

Long-term-care insurance can pay for long-term care, either in an institution (such as a nursing home) or in a residence, such as an assisted living facility or in one's own home. Because most people prefer an assisted living arrangement, rather than living in a nursing home, they benefit by having insurance to help pay for their preference.

Long-term-care insurance is for anyone:

• who has assets to protect
• who doens't have the funds to pay for care out of savings
• who is healthy now

Types of care:

• Skilled nursing care
• Custodial care
• Home health aides

Benefit period:

The average nursing home stay is 2 1/2 years. You can insure for the average stay, or you can insure for a longer stay so you don't ruin the family if they have to pitch in after the insurance policy quits paying. Take the longest benefit that you can afford, some examples of lenghts of time include:


• 2 years
• 3 years
• 4 years
• 5 years
• Unlimited number of years

Eligibility criteria:

You become eligible for benefits from most long-term-care policies when you need help with two or more activities of daily living (ADLs). These ADLs are:

• cooking
• eating
• bathing
• dressing
• using the toilet
• maintaining continence
• moving from place to place within the living environment 

Price of the insurance:

Price of the long-term-care insurance varies by your current age, the amount of coverage you want, the options you select, and the carrier. Call us today for a quote on long term care for you. 





*Long-term care insurance policies may contain exclusions and limitations. Source: AARP

Tell A Friend Tell A Friend
 
 
 Michael D. Krost is a Registered Representative of and offers securities products & services through Royal Alliance Associates, Inc. Member FINRA/SIPC, a registered broker-dealer. In this regard, this communication is strictly intended for individuals residing in the states of AL; GA; IN; TN; PA; OR; OK; OH; NY; NM; NJ; NE; WA; VA; TX; NC; MO; MD; MI; MA; LA; KY; KS; IL; FL; AZ; CA; DE; CO; AR. No offers may be made or accepted from any resident outside the specific state(s) referenced.

Michael D. Krost Individual is also separately registered as an investment adviser representative under MDK Financial Group, Inc., a registered investment advisor, not affiliated with Royal Alliance Associates, offering advisory services in the state(s) of AL; GA; IN; TN; PA; OR; OK; OH; NY; NM; NJ; NE; WA; VA; TX; NC; MO; MD; MI; MA; LA; KY; KS; IL; FL; AZ; CA; DE; CO; AR in which the RIA is registered. As such, these services are strictly intended for individuals residing in state(s) where MDK Financial Group.


IMPORTANT CONSUMER INFORMATION:

A broker-dealer, investment adviser, BD agent, or IA rep may only transact business in a state if first registered, or is excluded or exempt from state broker-dealer, investment adviser, BD agent or IA rep registration requirements, as appropriate. Follow-up, individualized responses to persons in a state by such a firm or individual that involve either effecting or attempting to effect transactions in securities, or the rendering of personalized investment advice for compensation, will not be made without first complying with appropriate registration requirement, or an applicable exemption or exclusion.

For information concerning the licensing status or disciplinary history of broker-dealer, investment adviser, BD agent, or IA rep, a consumer should contact his or her state securities law administrator.


"PLEASE NOTE: The link(s) that is being provided is strictly a courtesy. When you link to any of the websites provided here, you are leaving this website and assume total responsibility and risk for your use of the website you are linking to. We make no representation as to the completeness or accuracy of any information provided at these websites."
 


Check the background of this financial professional on FINRA's BrokerCheck.