About . . .
- Steve Nearman
Our Professionals Offer . . .
- Investment Advice
- Life Insurance
- Health / Dental Insurance
- Disability Insurance
- Long Term Care Insurance
- Retirement Plans / Planning
- College Funding
- Comprehensive Financial
- Income Tax Preparation
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Long Term Care InsuranceWow, the interest in this insurance coverage has grown tremendously of late as we move into the "Sandwich Generation." No, we aren't talking about Subway Sub shops, we're talking about the fact that many of us are worrying about how to pay for our parent's medical care as they age, and how to take care of our own kids' financial needs.
Long-term Care Insurance is a complicated topic and is evolving everyday, so you need to know what you are buying and what is available to suit your particular needs. Does it cover just nursing home or institutional care, does it cover in-home care or both? This is important. We polled our clients and found that most prefer to be treated at home.
How much of a daily payment from the insurance company would you like? And for how long? And should that payment amount go up each year to match the rate of inflation so you maintain your buying power? These are just a few of the many questions you need to ask and have answered. We can help.
What is long term care insurance?A long term care insurance policy is a contract between you and an insurance company. In exchange for periodic premium payments you make to the insurance company, the company promises to pay you a daily benefit to cover the cost of long term care. Long term care is ongoing care for people with chronic disabilities. It includes custodial care -- assistance with activities of daily life like eating, bathing and getting dressed -- in a nursing home or in the patient's own home.
Why Should You Purchase It?Government studies indicate that 40% of Americans over age 65 will eventually need some type of long term care. With more Americans living longer, this need is likely to increase. Today, a year in a nursing home on average costs $40,000. In some parts of the country, it can range up to $80,000 and more. This type of care normally isn't covered by regular medical insurance or by Medicare. Long-term care insurance makes sense for you if you are concerned about protecting your assets and maintaining your financial independence throughout your life.
Features and Options:Long term care coverage is relatively new, and policy language is not as standardized as it is in many other types of insurance policies. The policy pays a specified dollar amount as a daily benefit, but the benefit amount is only one of many important features. It's vital that you know which policy features are important to you and make sure your policy provides them.
How much coverage do you need?Policy daily benefits range from $30 a day to more than $300 a day. How much you need depends on what nursing home costs are in your area, and on how much you could pay for from other resources, like savings and investments. We know of clients in nursing facililties paying $300 per day for care right now.
What affects your rates?
A Few Tips:
Medical Savings Plans and 125 Cafeteria Plans:These are company benefit plans which can assist employees in paying for the health care costs. There are phenomenal benefits to the company - and to the employee - in both these plans. Call us for more details.
1005 Cameron Street
Alexandria, VA 22314
Neither the information nor any opinion contained on this website constitutes a solicitation or offer by Nearman Financial Consulting Inc. or any entity named in this website to buy or sell any insurance, financial securities or investment products or services.
Securities offered through Representatives of Lincoln Financial Securities Corporation, Member FINRA and SIPC to residents of the District of Columbia and the states of Virginia, Maryland, West Virginia, Alabama, New Jersey, New York, North Carolina, Georgia, Florida, Arizona, Pennsylvania, Massachusetts and California. Advisory services are offered to residents of Virginia through representatives of Lincoln Financial Securities Corporation. Nearman Financial Consulting Inc. and Lincoln Financial Securities Corporation are not affiliated. In California, insurance may be offered through LFS Marketing & Insurance Sales Corporation. Some life insurance and annuity policies involved exclusions or limitations. For costs and complete details of coverage, contact your agent.