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At 71, can I buy long term care for myself in Virginia?

I want to protect my significant other's assets from my long term care costs
Status: Open    Jan 05, 2015 - 08:52 AM


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Expert Answers

Jan 06, 2015 - 10:03 AM

Question: It is probable you have looked into care giving plans previously. What were you looking for that you did not find? Why are you thinking about LTC now?

Do you have a spouse/partner or is this for you? What do you know about care giving? Have you been personally involved care giving for a family member? Are you acquainted with people who are involved in care giving?

There are a variety of considerations with what plan you own. The first consideration is your health. If you are in reasonably good health then the next question is what do you want to accomplish?

The purpose of LTC benefits is to provide cash flow to fund your care giving. Your present cash flow is there to provide for your lifestyle. In most instances you cash flow meets or exceeds your lifestyle. In addition, we all have committments towards the future: our families, charities, travel, present and former spouses/partners, and other obligations.

You are still at an age where LTC benefits will be available. Here is what I would recommend:

a. If your health and budget permit and you desire to remain in your home as long as
possible even until you die....own a plan which is either all cash or combination.
Nothing wrong with reimburement plans but payment is only made to licensed
care services communities.

b. Inflation is not as essential. I would recommend you have no inflation or if your
budget permits a 3% benefit. What I would suggest is you have a higher pool of
money to be available sooner rather than later. No one knows when they may
need care services.

c. Calendar day rather than service day

d. 0 day home care benefit

e. Consider a linked or asset LTC benefit under these critiera

1. You have funds you may use and it is a minimum of $50,000 to own a life
insurance plan with a ltc benefit. It is usually a lump sum payment or short term from 5-20 years to complete the payments.

2. You believe or want to believe that you will never use the plan and are
comfortable to either use it or leave the benefits of the policy to beneficiaries.

Speak with a competent agent who knows the plans, the underwriting, and will help you to weed through the information to make an informed decision.

There is lots of information about LTC benefits. Those that do it themselves will make decision which will affect their lives, their families lives, their capital, and their lifestyle.

"People have to get it right the first time." There is often no opportunity because of health, plans available, and premiums to have a second opportunity.


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