Ask Terry Questions Protecting Assets from Long Term Care Costs

Protecting Assets from Long Term Care Costs

By Terry Savage on August 11, 2015 | Financial Planning / Retirement

Would like to avoid nursing home in future and them becoming my sole beneficiary. Is Long Term Care Insurance a must or is there other alternatives? Would like to leave an inheritance for my children. If Long Term Care Insurance is essential, will you please send a list of reputable ones? Thanks.

Terry Says:  I have always recommended at least some minimum amount of Long Term Care insurance so that you can “buy your way in” to a nice nursing home.  Three years coverage should do it.  You don’t want to rely on state Medicaid funding for your care.  And these days it is VERY expensive — over $100,000 per year.  If you want to leave your money to your children, then LTC insurance is the way to go. These days you might also want to consider a “combination” policy of life/LTC — so that if you don’t need care, your children will be the beneficiaries of the life policy.

I suggest you call Brian or Peter at MAGA LTC — 800-533-6242.  Feel free to mention my name, but that is not necessary as I receive nothing from this recommendation.  I trust them completely and they are experts, concentrating only on LTC insurance policies.  They will go over your situation and make recommendations.

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