Hamilton Insurance Group - April 2020

THE SILVER LINING To Your Life & Health



when you can no longer take care of yourself. LTC can pay for an assisted living facility/ nursing home, or it can pay for an in-home caregiver allowing you to stay in your home. There are three reasons why it would benefit you to start paying for LTC insurance long before you think you’ll need it — while you’re still young and healthy. The first reason is simply that you never know when you’ll start needing a caregiver or to live in an assisted living facility. It can happen suddenly. I remember meeting up with two of my clients a few years ago, a husband and a wife. We’ll call them the Johnsons. At one point during the meeting, Mrs. Johnson took me aside and asked, “Does health insurance cover Viagra?” I chuckled and told her that it did. About a year later, I visited them again, and Mr. Johnson had developed dementia. He struggled with incontinence and he had the mental capacity of an infant. It was incredibly disheartening to see how suddenly the Johnsons’ marriage had changed in that time and how quickly Mr. Johnson’s need for advanced care had arisen. The second reason you shouldn’t wait to start paying for LTC insurance is because your premiums will only get more expensive as you get older. If you start paying for LTC insurance when you’re 50, your annual premium will be around $525. If you wait until you’re 65, that amount more than doubles to $1,091. That being said, the worst option is to wait until you already need

advanced care. My grandpa is 89 years old, and he has to pay for his in-home caregiver out of pocket. On average, an in-home caregiver costs about $4,910 a month! That’s why I’m on a personal mission to make sure no one has to go bankrupt paying for a caregiver or a nursing home. The last reason to consider LTC insurance would be to keep the burden of your care off of your family. Millions of Americans are taking care of an elderly family member for no pay — and that wears people out! Nobody wants to bank on their family being their sole care provider when they can no longer take care of themselves. I remember watching my grandmother take care of my step-grandfather after he was diagnosed with cancer and until he passed. The level of care he required drained her, and I’m pretty sure it took years off her life. We all want to be there for our family when they’re in need, but there’s no reason to take that responsibility on alone. If even Superman needed long-term care, there’s no reason you should think you won’t. Getting LTC insurance is the best way to ensure that if worst comes to worst, you’ll still be covered. If

In 1995, Christopher Reeve, who

played Superman in the four movies about the caped hero released between 1978 and 1987, nearly fatally injured himself after being thrown from a horse and landing on his head. Doctors saved his life, but he was paralyzed from the neck down. He was 43 years old. Reeve’s injury was sudden and unexpected. It’s by no means an accident anyone would wish upon themselves or others, much less think to prepare for. While you might be right that you’ll never get thrown off a horse, injuries, debilitating diseases, and other conditions later in life can catch people off guard. You never know what’s going to happen, so it’s best to be prepared — but how? While many people have health insurance and life insurance, one lesser-known but increasingly important form of coverage is long-term care (LTC) insurance. Advances in health care and medicine have made it possible for people to live far longer than they used to, but they often can’t do so without the help of others, especially if they develop a debilitating illness later in life. That’s where LTC insurance comes into play: It helps you afford any medical and nonmedical needs you might have

you have any additional questions about getting long-term care insurance, feel free to give me a call!

–Duane Hamilton 1 770-744-1855

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