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November is Long-Term Care Awareness Month

What better time than now to learn about Long-Term Care Insurance and educate yourself and your clients about the options and costs of different policies? For some wise advice from Christine Muñoz, IIABA’s Director of Retirement and Employee Benefits, read on.

Long-Term Care Insurance is probably not the first thing on your list of things to do or consider, but the reality is, it should be. There are a lot of misconceptions surrounding Long-Term Care insurance such as: it’s too expensive, I won’t need it, my health insurance will cover it, etc. The list can be extensive. The truth is long-term care is typically not covered by your health insurance or disability plan and government programs such as Medicaid only cover those that are very poor. So where does that leave the middle class? It leaves them with a very real need to close the “what if” gap.

Long-Term Care Insurance should be thought about as a key piece of your overall financial plan. You purchase car insurance to protect you in case of an accident; you buy life insurance to assist your family in case of premature death; you buy health insurance in case of an illness; you buy homeowners insurance in case your home needs repairs; you fund your retirement plan to ensure a nest egg in the future. The point is that most of us spend a considerable amount of time planning, protecting and investing for the future but if one piece of the puzzle is missing, it could all be for naught. A great financial plan is like a puzzle, it’s rendered useless without all the pieces.

Most consumers initially think that Long-Term Care Insurance is too expensive and unattainable; but you may be surprised at how affordable it really can be. Also, many people wait to purchase long-term care insurance, but when the cost is primarily determined on your age and health, locking in rates at a younger age could benefit you in the long run. The key is finding and understanding a plan that suits your needs and budget by examining the vast array of coverage in the marketplace.

– Excerpted from Big “I” Markets News & Updates 11/13/12

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