Do I Own Long Term Care Insurance?

You can safely bet that I do.  In fact I own both a long term care policy & a short term care policy.

Long Term Care Policy: Issued in 2001.  A single policy covering both my wife & myself.  We each have a $270 per day benefit with an unlimited (lifetime) Benefit Period.  We also have 5% compound Inflation Protection (rarely available today & prohibitively expensive when it is).  The Elimination Period is 90 days for each of us.

Why do I have such robust coverage for each of us?  Well, I am an insurance broker specializing in long term care.  And I have been married to a wonderful woman for a very long time.  Even back in 2001, I understood the risk of expensive care that we were exposed to.  Today I am especially thankful that we purchased what we did.


Short Term Care Policy:  Issued in 2012.  My wife & I each have a separate short term policy.  $100 daily benefit, Benefit Period is 100 days.  No Inflation Protection.  20 day Elimination Period.  Why did I buy another policy? (actually one for each of us).  I wanted to have some coverage during most of the 90 days of the long term care insurance policy Elimination Period.  Believe it or not, I grew older from 2001-2012 & the consequent increased cost of the second policy required a compromise…as does all insurance.


If you read the first article in this month’s eNewsletter, you may be wondering why I have a “large” policy, but am saying that a “small” policy is good to have.  It is all a matter of affordability.  If a small policy is all that the budget can stand, then “Almost Any Long Term Care Policy Is Better Than No Policy”.  For many people, long term care insurance somewhere between the two examples is affordably appropriate.  Let me help you find that balance.  Note: Even more so, this also applies to people who are single.


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