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Protecting Your Money: Long Term Care Insurance

Posted at 5:16 PM, Sep 22, 2021
and last updated 2021-09-22 18:16:36-04

CORPUS CHRISTI, Texas — Did you know that there are only a dozen or so insurance companies that offer Long Term Care policies?

Clay and Lori Jones advise people on the benefits of Long Term Care.

"You see car insurance advertised. Health insurance advertised. Life insurance advertised. But because there is a 65% chance out of a 100 that at the age of 65 that you or anybody else would need a health insurance policy, the insurance companies are not making the money that they're accustomed to. So they don't advertise. They have it available, but they don't get on tv and advertise," the Jones' told Andy Liscano.

So why is Long Term Care so important?

Because in the event of a chronic medical condition or illness or sickness or disease, it helps protect your assets.
You don't want your family to have to worry about your care. We're talking about coverage for conditions like home health care, nursing home care, and more.

The Jones' say Medicare only pays for skilled care outside a hospital, so that's where LTC can be helpful.

You should know that pre-existing conditions can be a factor on whether you qualify, because if you do not qualify for coverage "once you are not qualified, or denied a policy, you have to wait," Jones says.

"You cannot get a policy. How long do you have to wait? It depends on the company."

What about premiums? Should you anticipate increase?

"Long term care, they have the right to increase your premiums. Does it happen? Very seldom," Jones said.

Long Term Care can also help veterans, but many of them are not even aware it's available.

"We encountered somebody who was a veteran and never knew he had policies with 100% disability mind you, and because he didn't go and do the right thing, he wasn't able to use or access any of that money."

The Jones' further pointed out that there are 15, 30, 60, and 90 day waiting periods that you, the client, can wait before your LTC kicks in.

"The further out it is, the cheaper the policy," Clay Jones said, adding, there are tax advantages with a comprehensive LTC plan.

So beginning in your late 40's and early 50's is the advisable time to begin looking at what Long Term Care can do for you.