Long Term Care Update

{2:36 minutes to read} The long term care business continues to be an area of concern for many people. The problem is worsening because people are living longer and the cost of health care and long term care coverage continues to rise.

Here is a quote from an article by Philip Moeller in Time magazine:

“Insurance is not about optimizing your finances—it’s about protection against a catastrophic event. The odds of your house burning down are very, very small, but you have home insurance nonetheless. And even if your mortgage lender didn’t require it, I bet you’d still have home insurance.“

Moeller, Philip. “Why Long Term Care May Be a Better Deal Than You Think.” Money Magazine 15 Feb. 2015. Web.

The risk of making a long term health care claim is much higher, especially since people are living longer. Traditional long term care products are being sold less and by fewer insurance companies. In the last 2 years, sales have been down by 30%.

There has been a movement towards newer products, designed to be tied to life insurance policies with cash values and death benefits. If you never submit a claim, the cash value is available to you while you’re alive, as well as the death benefit to your family in the event of your death.

Don’t ignore the need for long term care. While long term care is very expensive, there is only one thing more expensive and that is paying for long term care yourself.

For many people, long term care insurance is not really just for themselves. It’s needed so their children don’t have to deal with the challenges of being the caregiver to their disabled or sickly parent.

Again, this is an area we feel strongly about. Give us a call and let us know what your thoughts are. We’d love to help.

Registered Representative offering Securities through American Portfolios Financial Services, Inc. (APFS) Member FINRA/SIPC. Investment Advisory Services are offered through G&G Planning Concepts, Inc. which is not affiliated with APFS. Strategic Wealth Advisors Network and Gassman Financial Group are not affiliated with APFS.

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