Long-term care insurance puts you in control. It goes far beyond covering costs in a nursing facility, as many people assume.
I think we can all agree with the COVID-19 pandemic; more people are opting to have in-home aides rather than sending their loved ones to nursing homes.
There is always an option for you.
Here are the four most common Long-Term Care plan options.
1. Traditional LTC insurance works similarly to health insurance. This kind of coverage is intended to ensure your assets aren’t affected by the cost of receiving long-term care required. This also includes home-based care.
2. Hybrid Life Insurance LTC is an increasingly popular option that combines the traditional death benefit of life insurance with LTC benefits. This option ensures that your assets aren’t affected by the cost of long-term care, including home-based care while maintaining maximum flexibility.
3. Self-Insurance/Moneyguard is typically the best choice for people with significant health issues. You put aside a certain amount of liquid funds, say $100,000. The money accrues compounding interest year after year and will roughly triple in value after about fifteen years. The money in this account can be withdrawn tax-free for LTC expenses, based on the account’s value at the time. Whatever money is not withdrawn for LTC remains there as a death benefit to your children
4. Life Insurance LTC Rider is suitable for maximizing the death benefit while retaining the flexibility to address LTC’s costs.
See the chart below for the estimate the amount you might pay for a long-term care policy in New Jersey in 20 years with 3% inflation, according to Mutual of Omaha.
At Cosmo, our brokers work with you one-on-one to guide you through all coverage options. Our Long Term Care plans will provide home aides, therapy, nursing home care, or assisted living coverage. Regardless of your age or health status, we can get you approved for the best plan from one or more reputable carriers.
Cosmo Insurance Agency is a full-service independent insurance agency based in Hackensack (Bergen County) and Lakewood (Ocean County), New Jersey that offers an all-encompassing range of insurance options for both individuals and businesses. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating our knowledge of the insurance guidelines for healthcare, employee benefits, life insurance, self-insurance, dental, disability, and long term care insurance, we keep our clients up-to-date with affordable plans that cover all their specific insurance needs.