It’s important to understand all your options when it comes to buying long-term care insurance. With so many alternative plans being offered today, a traditional plan may not be your best choice. It all depends on your needs.
A new client — let’s call her Mary — came to me and transferred her mom’s investment account to my firm. (Mary had power of attorney.) It was her mother’s wish to leave Mary the money.
It’s important to understand all your options when it comes to buying long-term care insurance. With so many alternative plans being offered today, a traditional plan may not be your best choice. It all depends on your needs.
A new client — let’s call her Mary — came to me and transferred her mom’s investment account to my firm. (Mary had power of attorney.) It was her mother’s wish to leave Mary the money.
Unfortunately, Mary’s mom suffered from Alzheimer’s, and the disease took a devastating toll on the account balance due to long-term care expenses.
Had she planned more carefully prior to the onset of her disease, Mary’s mom could have left a sizable account to her daughter. This is why long-term care planning is so important: It allows financial obligations to be met and financial dreams to also be achieved.
Let’s look at traditional long-term care insurance first so we can compare it to the alternatives. Let’s say, for example, that you have a daily maximum benefit of about $150, a maximum benefit pool of about $219,000 and a maximum coverage period for four years.
If would like to discuss aspects of your Long-term care Insurance needs with someone from our team, please call (865) 357-7370 or email us @ will@sdp-planning.com
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