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Long term care insurance is for people who are realistic enough to know that they too are mortal, and recognize that becoming sick, injured, or older, doesn’t just happen to “other people”. Like trying to insure a house while it’s on fire; Long Term Care insurance is for people who would rather plan for the future, instead of dealing with a crisis.

What it is;
Simply put; LTC insurance is a “Pot of Money” that can be used over your lifetime. The tax free money received can be used for a multitude of things from nursing homes and assisted living, to people, equipment, and home modification to assist you at home with anything imaginable, including income replacement with some companies.
Its purpose in my mind is not to pay for a nursing home, but rather to avoid having to go to one in the first place if at all possible.”

How to calculate the lifetime “Pot of Money”;
Think of it as buying a “Pot of Money”. The more money you want in your “Pot”, the more your insurance policy will cost. Cost is also dictated by your age and health history. To calculate the amount of money available in your “Pot”, you simply take the amount of money you would like to receive each day or each month, and multiply it by the number of years of coverage you want. This gives you your lifetime “Pot of Money”.

Example;
After getting to know Mrs. Jones’ concerns and what she wants to accomplish, we both feel as though her having a “Pot of Money” equaling $219,000.00 that will grow by 5% each year to keep up with inflation, will be sufficient for her needs and budget.

The Money calculation; There are 365 days in a year x 4 years = 1460 days. She’s getting $150 a day.  ($150 x 1460 = $219,000.00). It’s not time, it’s simply money.

The Solution; Mrs. Jones now has an immediate “Pot of Money” of $219,000.00 in the event of a health change, accident, or anything else that her doctor says will require her needing assistance for a period of at least 90 days. She pays “pennies on the dollar” for her coverage, her “Pot of Money” will continually grow in value, and she has now accomplished her wishes of never becoming a burden on loved ones, never entering a nursing home prematurely, preserving her independence and personal dignity, and also protecting the assets it took a lifetime to accumulate, as well as forever protecting her home under Massachusetts state law.

She also has other options such as both her and her husband sharing the same policy, re-filling her pot of money should she need care again, and even getting all of her money back if she doesn’t use the insurance. Of equal importance, it’s affordable and will not change her current lifestyle. “That’s my purpose in creating an individualized plan.”

* This example is one of many possible combinations. Your needs may differ.


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Sweeney & Associates 781.924.1637 info@longtermcareprotection.com

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