Aug 22, 2018
Should I Buy Long Term Care Insurance?
As you grow older, will you or your partner require expensive nursing care? 
What will happen to your retirement savings if assisted living care or nursing home care is required for you or your spouse over an extended period of time, even years?
No one wants to think of the worst possibilities in life, and yet they do happen. 
As we get older and our health declines, the chances increase that we will require some form of extended care, including assisted living, at-home care, or even full nursing home care. These modalities of care can be quite expensive, and yet Medicare, HMOs, and Medigap are unable to cover the full range of services you may require. 
For example, Medicare can cover up to 100 days of skilled nursing home care, but only under limited circumstances.  When you consider that an Alzheimer’s patient may require years of care in a special memory-care facility, the cost to the patient’s family can be greater than $100,000 a year.  Facility care and related medical expenses can quickly exhaust the average family’s savings, even resulting in the sale of the family home and other hard-earned assets.
Long Term Care Insurance Protects Your Assets
When you consider the effect of a debilitating health event, you may want to look into purchasing long term care insurance (LTCI).  LTCI can help protect your assets in the event the long term care is in your future.  
Whether or not you should purchase LTCI depends on a number of factors.  These include your age, medical history, assets, and income.
  • Are you between the ages of 40 and 84?
  • Does your family have a family history of Alzheimer's disease?
  • Do you have substantial assets that you'd like to protect?
  • Are there family members to whom you wish to leave an inheritance?
  • Can you afford the cost of LTCI premiums now and in the future?
  • Are you in good health and insurable at the present time?
Generally, LTCI is not available to those over 84, so the time to decide about long term care insurance is now. 
The Time for Long Term Care Insurance is Today
Depending on the policy you choose, LTCI can help you pay for care in a variety of circumstances.  It could help you at home, in an assisted living facility, an adult day care facility, or a nursing home.
One good reason to choose LTCI early in life is that policies will cost less when you are younger and in good health.  Once serious health conditions arise later in life, policies may be very expensive or not available at all.
Make sure the long term care policy you buy is recommended by a professional with experience in selecting long term care insurance for individuals of different ages, incomes, life situations, and backgrounds. 
At the MHV Investment & Retirement Center, we can answer your questions and concerns about pre-existing conditions, covered services, policy coverage amounts and limits, and qualifying events that allow your long term care insurance to start providing benefits.
Call the retirement experts at the MHV Investment & Retirement Center at 845.336.4444, ext 3166 or 3126, or email us at
Securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor. CBSI is under contract with the financial institution to make securities available to members.
Not NCUA/NCUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution.

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