Thousands of Baby Boomers are retiring each day and many are wondering about the possibility of having to pay for expensive long-term care services, such as skilled nursing and assisted living. Long-term care insurance is a proven way for your clients to assure the financial, physical and emotional well being of their loved ones, in the event that they need physical or mental assistance as they age. But long-term care policies are expensive, depending on the features you choose, such as Inflation protection.
One of the main reasons for clients to buy long-term care insurance is to protect against rising prices. Another cost factor is the elimination period, requiring you to pay for yourself for the first 20 to 100 days of care…. the shorter the period, the higher the premium. Medicare only pays for up to 100 days of skilled care following a hospital stay, so check to make sure the policy day count includes the days when Medicare pays. Long-term care insurance pricing also varies with the level of care provided: From the most to least expense are skilled care, full intermediate care and custodial care.
If you’re currently marketing long-term care insurance or would like our concierge team to manage it for you, contact IFC at 800-598-5560.