INSURANCE
LTC Insurance In a Nutshell BY LYNN LAVENDER
If you have aging parents or have otherwise witnessed first-hand the high cost of long-term care, you may understandably be asking yourself how you will handle the cost of care for yourself – since it is not covered by Medicare.
crease if approved by the state department prognosis is permanent) or need long-term of insurance. You will also want to exercise care. These policies do not have inflatio the inflation rider; otherwise, theriders. policy(There is are two types of long-term akin to owning a depreciating asset. care riders on the life insurance with living benefits: the "Chronic Illness Rider" and HYBRID OR ASSET-BASED plans the other is a true "Long Term Care" rider. were created for people who feel they Besuretoknowthedi-erence.) might be throwing away money if they The following is a brief high-level look at dif- never need care. If long-term care is never No matter how much money you have, ferent types of long-term care insurance. needed, a life insurance benefit to named you will not be able to buy insurance if beneficiaries will be paid. These plans you are not healthy. Investigate your opTRADITIONAL LONG-TERM CARE have limited payments (lump sum or multi- tions while you can still qualify and get INSURANCE (LTCI) is pure insurance. year payment schedules) and guaranteed the best rates. That means the insurance company will premiums. Benefits are not taxable but pay if “damages” are incurred. If benefits there is no tax deductibility on premiums. (Note: Options vary from state to state. For exare never needed, there is no residual Hybrid Plans do not have as many options ample, annuities with long-term care benefits a benefit. Traditional LTCI is also the widely available, but not for New York residents.) asmost traditional policies. flexiblewithmanyfeatures:ranges-ofben n n n LIFE INSURANCE WITH LIVING Lynn Lavender, CLTC, is Principal at Guide Inefit dollars, how long benefits last, shared RIDERS are life insurance policies that al- surance and has been handling the insurance benefits with partners and more. These low the insured to draw down on the death needs of individuals and businesses for over 20 plansaretaxqualified,meaningtheyhave benefit fortheirownuseiftheymeet - the federal and state tax advantages. Howevyears.cri She can be reached at: 914-478-7640 or teria of being chronically ill (the individual’s LLavender@GuideINS.com er, rates are not guaranteed and could in-
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lcsw
Senior Care Counselor & Medicaid Specialist
colin@medicaidsolutions.com
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