Reasons for Long Term Care Insurance? Ashtabula OH
Investment Advisor Rep: Yes
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New Richmond, OH
Investment Advisor Rep: Yes
Registered Investor: Yes
Kent State University/ Accounting
College for Financial Planning
Years Experience: 41
Retirement Planning,Long-Term Health Care Planning,Annuity Ideas & Strategy Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Mortgage Refinancing,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Alternative Investments,Disability Insurance,Annuities,Alternative Asset Class Planning,Commission-Only Financial Planning (Full Disclosure),Planning For Personal Finances & Budgeting,Retirement Income Accumulation Planning,Fee-Only Comprehensive Financial Planning,401k Rollover From
Reasons for Long Term Care Insurance?
What are the Reasons for Long Term Care Insurance?
Long-term care insurance is not for everyone. You should be looking at your financial situation, your likelihood to need such care (which is increasing all the time as we live longer) and also whether this kind of care solution works for your family.
Some families could not imagine having anyone other than a family member caring for one of their own. In this case, long-term care insurance is not a good buy.
On the other hand, if you live far from family and you have a busy household and working spouse, this type of insurance could be exactly what you'd need in a crisis.
More so perhaps than many other insurances, you'll have to know what kind of person you are (for instance, you are okay with being taken care of by strangers) and what the needs of your family are. And since this insurance gets more expensive over time, you'll need to think about it long before the need arises.
- You want to retain your assets as a legacy for your loved ones, rather than exhausting your estate paying for care.
- You believe that the odds are high that you'll need long-term care at some point (perhaps because of the longevity of your family line).
- You can't count on Medicaid new rules are making it harder and harder to qualify, and you are definitely in the middle income brackets.
- You want to be able to take advantage of a potential tax deduction for your premiums which can be another benefit for a middle to higher inco...