Those who have been on the fence about buying long-term care insurance should be aware that substantial price increases are just over the horizon.
A topic that is almost universally overlooked by most clients is that of asset protection. In fact, most clients don’t really understand the term when it is first used.
A simple definition of asset protection is protecting your wealth from anyone or anything that can take your money. The following is a partial list of creditors who can take your money and need to be protected against:
Negligence lawsuits (plaintiffs)
Taxes (income, capital gains, estate)
Downturns in the stock market (see the last two crashes of -46% and -59%)
Long-Term Care (LTC) costs
But today the focus is on LTC. Did you know that 69% of people turning 65 years of age will need long-term care at some time before they die? Did you know that the average monthly cost for nursing home care is $6,665?
The costs of LTC can devastate a family’s wealth and it should be protected against.
Most people have no idea that three of the major insurance companies left the LTC business this year. That’s a big deal since there were not many companies who offered LTC insurance in the first place.
One of the remaining companies is changing its underwriting guidelines and not for the better. The result of the changes will be much higher premiums for clients.
Lock in rates now
The only good news is that people who put their applications in prior to August 24 will be able to take advantage of the current rates.
Readers should be aware of the concept and importance of asset protection. Those who have been on the fence about buying LTC insurance should be aware, if they weren’t already, of the looming substantial price increases.
If you have been thinking about buying LTC insurance to protect your wealth from the devastating costs of nursing home care, now is the time to act.
If you would like information on the company whose rates will be increasing on August 24, Roccy can be reached at firstname.lastname@example.org.
Roccy is also the author of
, and founder of The Wealth Preservation Institute. The
has recently been approved for up to 21 AMA PRA Category 1 CME Credits™ in a self-study format. If you would like to purchase the book at a 33% discount as benefit for being a reader of
so you can earn CME credits in the comfort of your home email
To read Roccy’s other books visit
The Doctor's Wealth Preservation GuideDWPGPhysician’s Money Digestinfo@thewpi.org www.roccy.org