long term care - Spencer Insurance Agency, Inc

What is the #1 threat to your retirement savings?

 

Even if you are in your thirties or forties you need to pay attention to this article.  Your future retirement assets are at risk too.

You insure your homes yet there is only a 1 in 300 chance of a house fire. You insure your cars and yet there is only a 1 in 30 chance that you will have an auto accident. There is a 4 in 10 chance you will need long term care yet very few people insure their retirement assets to protect those assets from long term care expenses. Yes, long term care expenses are the #1 treat to your retirement assets.

According to “Genworth’s cost of care survey”  for 2017, here are the average annual cost in Pennsylvania:

  • Homemaker services (care in the home) $50,336
  • Adult Day Care $16,120
  • Assisted Living Facility $41,400
  • Semi Private Nursing home room $111,325

What is long term care?  Long term care is help needed to assist with the activities of daily life such as bathing, dressing, eating, using a toilet, continence or transferring from a bed to a chair. You may need this care in the home or in a facility.  How long would your retirement assets last if one or both of you needed long term care?

Here are some solutions:

  • Pay out of pocket. Even if you can afford to do this I can show you a better way
  • Medicare – Medicare only covers skilled care after being in the hospital for 3 days. So if you just need custodial care or are not getting better Medicare will not help you. Even if you do receive Medicare benefits for long term care they only last for 100 days. (20 of those days at $0 copay and 80 of those days with a copay of $167.50.)
  • Medicaid – Many with minimal assets will need to use Medicaid.
  • Private Insurance. Long term care insurance has changed dramatically.

Up to a few years ago if you purchased long term care insurance you received a policy similar to a disability policy and you had a certain monthly benefit for a certain number of years. The problem with these policies were that the price was not fixed and most policies saw many increases in premiums.  In addition, if you never needed to use the policy and passed away your heirs received nothing. Many insurance companies have gotten out of this market.

Did you know that today you can use life insurance benefits to pay for your long term care?  You purchase a permanent life insurance contract that includes a long term care insurance rider. If you qualify for long term care benefits (same qualification as the old policies) you can start taking up to 4% of your life insurance benefit monthly to help you pay for long term care expenses. That means if you have a $250,000 life insurance policy you may be able to take up to $10,000 a month to pay for your long term care. When you use all of the $250,000 death benefit then the policy ends.  Best of all if you never need long term care and pass away then your heirs would receive the $250,000 death benefit.

So why should you care if you are in your thirties or forties?  Since this is life insurance the younger and healthier you are the lower the cost. You can have plans that will be paid up by the time you retire.

As always Spencer Insurance Agency wants you to understand your options. Check out our website for more information about long term care insurance. Contact us today to set up a time to talk about long term care expenses and long term care insurance. Decide for yourself how much of your retirement assets will be protected against long term care expenses.  Spread the word to your friends and family because few people know about this option.

Want to protect your retirement assets from the #1 threat?

      

 

You have worked all your life to accumulate a nice nest egg.  Don’t let long term care expenses wipe out your nest egg in a few years!
Did you know. . .

·       Chance of a house fire is 1 in 300
·       Chance of an auto accident is 1 in 30
·       Chance  you will need Long-Term Care is 4 in 10

You did not question insuring your home and cars then why not insure that nest egg?

Many people only know about the traditional long term care insurance policies that are expensive and give you no return if you never need to use it.  I have seen my father’s long term care policy increase in premium two times so far at a 15% clip each time.  Many who live on a fixed income can’t afford these type of increases and are force to decrease their coverage or cancel their policy.

Today there are new options.  Many life insurance carriers have a long term care insurance rider you can add to a life insurance contract. It is a life insurance contract that allows you to take a percentage of your death benefit each month to pay for long term care expenses.   Since it is life insurance your beneficiaries would get the death benefit should you die before needing long term care benefits.

Contact Spencer Insurance today to learn more on how to protect your nest egg.  For more information on the long term care insurance check out our website.

As with all life insurance the cost is lowest when you are young and healthy so don’t wait another day to contact us.

Please feel free to pass this email to anyone you know who may want to protect their nest egg.

Have a great week,

Unsure about Long Term Care Insurance?

According to Medicare, at least 70% of people over 65 will need long-term care services at some point.  Long-term care includes medical and non-medical care for people who have a chronic illness or disability.  Non-medical care includes non-skilled personal care assistance, like help with everyday activities, including dressing, bathing, and using the bathroom.

Check out my report on Long-Term Care Insurance : Spencer’s Tips on Long Term Care. . . What is Long Term Care and How Do I Prepare for It?

You have auto and homeowner’s insurance.  Did you know?…
·       Chance of a house fire is 1 in 300
·       Chance of an auto accident is 1 in 30
·       Chance  you will need Long-Term Care is 4 in 10 AND
·       Chance you will need Long-Term Care if you are over 65 is 7 in 10!

According to Genworth’s Compare the Cost Report, the state median annual costs of services in Pennsylvania for 2012 are:
·       Homemaker Services $44,616
·       Home Health Aide $45,760
·       Adult Day Health Care $14,300
·       Assisted Living Facility (private, one bedroom) $39,015
·       Nursing Home (semi-private room) $91,652

How many years would it take to deplete your retirement savings?
There are many ways to pay for Long-Term Care.  Do you know all the options?  Have you discussed the options with your family? Does it make sense for you?  Only you can decide after researching.  Let us help you.  Call us today at 215-885-2200 so we can discuss your options.  Or request a quote. As Independent Agents, Spencer Insurance Agency represents many top rated insurance companies and will help you decide which one offers you the plan you need.  Don’t rely on an agent who only represents one choice.  At Spencer Insurance we understand that the True Cost of Insurance can be much higher if you are not properly protected.

For more information or a quote for Long Term Care Insurance contact us today!

Charity Spotlight for January/February

Joan

Charity Spotlight

In December our agency lost a good friend, Joan’s Mom, Marie Schneider. We would like to remember Marie with a donation in her memory to the Alzheimer’s Association’s Delaware Valley Chapter.

During the months of January and February, Spencer Insurance Agency will highlight the Alzheimer’s Association Delaware Valley Chapter and for every referral we receive we will donate $5 in Marie Schneider’s name. Spencer Insurance will match this contribution doubling the donation. To learn more about the Alzheimer’s Association or to make a donation go to their website.

Confused about Long Term Care Insurance?

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I am not surprised when I hear people say that Long Term Care Insurance is so confusing that they do nothing.

One of the problems is that too many agents make it confusing.  It is very simple.  Ask yourself “How much of my retirement assets do I want to protect form long term care expenses?”

We all buy homeowner’s insurance to protect our home from a fire.  Did you know the chance of a house fire is 1 in 300?  We all buy car insurance to protect us if we have an accident.  Did you know the chance of you having an auto accident is 1 in 30?

How many of us protect our retirement assets from long term care expenses?  Did you know the chance that you will need Long Term Care is 4 in 10! Yet most of us ignore the subject.

According to Genworth’s Compare the Cost Report, the state median cost of services in Pennsylvania for 2012 were:

  • Home maker services $44,616.
  • Home Health Aide $45,760.
  • Adult Day Care $14,300
  • Assisted Living Facility ( private, one bedroom) $39,015
  • Nursing home (semi private room) $91,652

For most of us the question we should be asking is “How am I going to pay for long term care expenses when I need them?”

There are many new options today.  Check out our website for more information on options available to you.

You should also check out our article “Can you be forced to pay Mom and Dad’s Nursing Home Bill?”

Check out our website for more valuable information on Long Term Care Insurance.  Then, give us a call at 215-885-2200 or email us at info@spencerinsurance.com for a review.  We will be glad to simplify Long Term Care Insurance.

Can you be forced to pay Mom or Dad’s Nursing Home Bill?

retirement crossroads

 

This may not be as unlikely as you think!  A recent article in Forbes highlighted this issue.  To view the entire article goes to: http://www.forbes.com/sites/northwesternmutual/2014/02/03/who-will-pay-for-moms-or-dads-nursing-home-bill-filial-support-laws-and-long-term-care/.

One of the byproducts of new medical technology is longer life expectancies.   In the past a stroke, heart attack or cancer may have killed us.  Now with new medical advances treatments are available to help us recover from these illnesses.  That is the good news. The bad news is that as a result of living longer, Long Term Care expenses for many families have increased dramatically over the last few years.   The question is “Who pays for this care?”

You could be held legally responsible for your parent’s care if you live in one of the 29 states that have filial laws on the books (PA, NJ and DE do).  New case law in Pennsylvania makes children legally responsible for the cost of care of a parent even if there was no attempt to divert or hide their parent’s assets.  In 2012 the Pennsylvania Superior Court upheld a lower court ruling (Health Care & Retirement Corporation vs. Pittas) that allowed a nursing home to obtain payment from the son of Maryann Pittas for her nearly $93,000 nursing home bill after she relocated to Greece with her unpaid bill. This decision came down despite the fact that the son made no attempt to hide or divert his mother’s assets.

There are some provisions in the law to protect adult children from paying for a parent’s nursing home bill.  The PA Statute states “a child shall not be liable for the support of a parent who abandoned the child and persisted in the abandonment for a period of 10 years during the child’s minority.” Other defenses include the inability to pay for the care and evidence of neglect or abuse.  I suggest you review this article so you understand your risk.

I mention this article because we do have solutions for you to consider.  Long Term Care Insurance has changed dramatically over the last few years.

What are your options?  Check out my report on Long Term Care Insurance: Spencer’s Tips on Long Term Care. . . What is Long Term Care and How Do I Prepare For it?

Don’t put yourself or your children at risk.  Talk to us today about which option would be best for you.

Don’t get caught up in the law or worry that you may be forced to pay for a parent’s nursing home bill.  Call us today at 215-885-2200 to learn more about your options.

Are you concerned about Long–Term Care? You should be!

longtermcare

According to Medicare, at least 70% of people over 65 will need long-term care services at some point.  You should start preparing  for Long Term Care while still in your 40s and 50s.

Long–Term Care includes medical and non–medical care for people who have a chronic illness, disability or cognitive impairment.
Non–medical care includes non-skilled personal care assistance, like help with everyday activities, including eating, bathing, dressing, using a toilet, transferring from a bed to a chair.

Consider these stats:

  • chance of a house fire is 1 in 300
  • Chance of an auto accident is 1 in 30
  • Chance you will need Long Term Care is 4 in 10
  • Chance that you will need Long Term care if you are over 65 is 7 in 10

You protect your home and cars with Homeowners and Auto Insurance.  Protect your retirement assets from being depleted by Long Term Care expenses!

Check out the cost of Long Term Care with Genworth’s Compare Cost of Care Across the United States.

Spencer Insurance Agency wants to provide the information you need to start preparing for you Long Term Care.

Charlie has recently written a report “Spencer’s Tips on Long Term Care. . . What is Long Term Care and How Do I Prepare for it?

Check it out online or call our office at 215-885-2200 and we will be glad to mail you the report.  Feel free to pass the report on to any friends and family you feel needs this information.

What you will find in the report:

  • What is Long Term Care?
  • What is the cost of Long Term Care?
  • What is my best Long Term Care Option?
  • What options do I have to pay for Long Term Care?
  • Does Long Term Care Insurance make sense for me?
  • Are there any tax advantages of Long Term Care      Insurance?
  • Additional Links on the subject of Long Term Care.

Go to the report today and learn more about Long Term Care.  Then give us a call to discuss your Long Term Care needs.  You can also contact us online.

Don’t procrastinate!  As with Life Insurance, the cost of Long Term Care Insurance increases as you get older.  Discuss your options while you are still healthy and have options!  Call us today at 215-885-2200.

I am preparing for retirement and downsizing. How does that affect my insurance?

 

This is the time of year we start looking ahead and planning for the future.  We make resolutions and set goals.

There are many items you need to evaluate as your prepare for retirement.  You need to review your auto and homeowner’s insurance to make sure you are taking advantage of all discounts and carry the proper coverage.

You need to review your life insurance, will, and Long Term Care needs.  For more detailed information on Downsizing and Preparing for Retirement

There you will find our report on Downsizing/Preparing for Retirement.  Call us to arrange for a review of your insurance.

You’re NOT too young to plan NOW for long-term care

November is Long-Term Care Awareness Month.  Even the U.S. Congress has urged “the people of the United States to recognize (this) as an opportunity to learn more about the potential risks and costs … and the options available.”   We’re proud to support this important educational campaign.

 Smart reasons to think about long-term care as part of your overall financial plan. 

 You protect against other risks like a car accident or house fire.  A need for long-term care is a risk to your savings and to your retirement.  It will impact your family and loved ones.   Just as it is smart to plan ahead for retirement, it’s smart to plan now for long-term care.  Here are some things you should know: 

  •       Buy before age 65; avoid the high cost of waiting.
               
    Your age and your health are important factors that determine the cost of long-term care
                insurance protection.   Costs are based on your age at application and go up each year
                you wait to apply.  By waiting to purchase until you are closer to retirement you might find
                it’s just too expensive to buy this important protection.
  • At younger ages you can lock in good health special savings.
               
    Your good health today can help you ‘lock in’ preferred health discounts that won’t change
                even if your health does. If you currently have a health condition it’s especially important
                to find out if you can health-qualify before it may get worse. 
  • Discounts can help significantly reduce the cost.
               
    I believe you will be surprised by how affordable long-term care insurance protection
                can be for some of the newer plans suited for people your age.  Today, there are ways to      
                reduce the cost of long-term care insurance; savings available when you plan ahead.

          The first step is in your hands.
    Getting the information you need to make an informed decision is always a smart move. 

I encourage you to take this first step and talk to one of our long-term-care specialists.  Waiting is never advantageous. 

 Call us at 215-885-2200 or go to our website at: http://www.spencerinsurance.com/ltc.html.    There’s no obligation, of course.  Spencer Insurance has access to many of the best carriers and solutions in the marketplace.

  Make Long-Term Care Awareness Month the time you start planning.

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