Long-Term Care Insurance   

Long-Term Care is a problem that we believe will become one of the most important issues facing both our families and our nation for at least the next 30 years. In the past, the chance of surviving a heart attack, a stroke or cancer was not great.

Today our medical and research communities have found ways of extending our lives and giving us many more productive years to work, enjoy our families, participate in our communities and enjoy our avocations. As our lives are lengthened and the chance of sudden death is reduced the greater is the chance we will need extended care at some point.

That care does not come with out cost. The cost to our loved ones is the greatest. The physical and emotional stress of taking care of a sick spouse, or parent is enormous. In our society today with the mobility of families and the fact that many households are two income families, there is the additional problem of who will help with mom or dad's care. Will someone have to leave their job, or move back to help out? Usually, the burden falls upon one or two members of the family while others are really not involved. This type of crises rarely leads to a closer family.

Another cost of a long life is the cost it puts on our retirement plans. Many of us have begun to plan for our retirement; putting money in 401K's, mutual funds, annuities, stocks and bonds. Even if we have accumulated assets that we feel will be adequate for providing for our retirement, what will protect those assets if we get sick and need care.

In-home care in the New York Metro area runs over $20 an hour, and nursing home care can run over $100,000 a year, today (Met Life Long Term Care Survey 2004, and Infinity Financial Resources, LLC research). Ask yourself who will pay for that care tomorrow and what will it cost. If you believe it will be the government through Medicare or Medicaid you will be very disappointed. The only way you will be able to access government funds is if you are impoverished (currently the patient spouse can keep about $2000 in assets and the healthy spouse no more than approximately $92,000). Attempting Medicaid planning by transferring assets to family members is becoming harder. With the financial stress that baby boomers are putting on state and federal governments budgets, the look back periods that governments use when assessing asset transfers will surely be lengthened.

Come sit down with us and we will explain the options that are available in the marketplace. We can help you design a plan that will protect your families quality of life and your retirement nest egg. 

New Jersey HealthLink | Long-term Care