Ask Terry Questions Navigating Medicaid and long-term care

Navigating Medicaid and long-term care

By Terry Savage on March 08, 2015 | Financial Planning / Retirement

My wife and I are 10 yrs away from a planned retirement both are healthy but we are thinking if long term care health insurance should be added to our portfolio. You talked about short-term long care insurance, what are the factors to determines if that would be a good choice for our current situation vs full long term care insurance?

Terry Says:   If Alzheimer’s runs in your family, you want to purchase lifetime coverage.  You could need coverage for years.  If you just fear the general infirmities of old age, then maybe 3 years coverage is more affordable– probably at least $200/day with at least simple inflation protection will be enough to “buy your way” into one of the better nursing homes. Or you could purchase a “combo” policy that combines life insurance with benefits for LTC.  It requires a one-time deposit of at least $100,000 into the policy.  The cash is leveraged for both care and a death benefit.  My recommended place for quotes on policies (you don’t need to use my name as I get nothing out of this) is MAGA LTC at 800-533-6242.

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