Clermont Florida Long Term Care Insurance
If you are looking for long term care insurance in Clermont, Southern Insurance Group is your one stop shop not only for long term care but for all your insurance needs. You can work hard to plan your entire life getting ready for your golden years when you retire and lose everything in a moment with an unexpected serious illness or injury.
One of my dear clients that I have insured for home and auto insurance told me about her situation with her husband who was diagnosed with ALS. The story was very sad to hear but the thing that resonated with me was that she said all those years that she was married, that she didn't expect to have to go those this situation with her husband. As a result of the illness, they lost their home in Clermont and went through most of their savings as they did not have a long term care policy.
Unfortunately, when he was first diagnosed with ALS, this was the day that he would no longer be eligible for obtaining a long term care policy. Just like any other type of insurance, you must have the coverage in force before the problem or illness takes place. Before the unexpected takes place, let the professionals at Southern Insurance Group design a long term care policy in Clermont just for you.
Because of the baby boomer generation reaching retirement age, this Clermont long term care insurance is becoming one of the most important policies that we are selling today. You have spent years saving so that you can enjoy retirement on your terms but have you considered what will happen to that plan if you become sick or injured during retirement? Without long term care insurance in Clermont, you and your spouse have not anticipated one of the most common situations that retirees face.
Clermont Long-Term Care Insurance Combined With Reverse Mortgages
As individuals age, the question of how to pay for their expenses in the troubling situation where they cannot take care of themselves comes up. Millions of seniors across America are beginning to look at the future and the possibility their children will have to pay the costs of their care, and some are doing something about it. Typically, it will come down to two choices for seniors. They can either go with long-term care insurance policies that will help keep them afloat financially while they are getting long-term care.
The other option is they can look into a reverse mortgage to help finance their needs. The options of a reverse mortgage and long-term care insurance are becoming the two main ways seniors are paying for their own long-term care. A reverse mortgage is a loan that is made to individuals 62 years and over in the United States, which is used to release home equity on a property in one large lump sum, or multiple payments. The homeowner is not obligated to repay the loan until they die, the home is sold or they leave into a nursing home.
For a typical mortgage, the owner of the house will pay a monthly payment to the lender, whereas in a reverse mortgage, the home owner makes no payments and all interest is added to the lien on the property. Now, it may seem odd that there are no payments on the reverse mortgage, but the way that the loan is paid off is that if the home owner moves, goes into a nursing home or dies, is from the proceeds in the sale of the house, or in the event the heirs refinance the estate of the homeowner. If the proceeds of the sale exceed the amount of the loan, the owner of the house gets the difference. In the case of the heirs, they would receive the difference. If the sale does not pay off the loan, then the bank will absorb the difference. This option is becoming very popular with some seniors when they have to choose between reverse mortgages and long-term care insurance because they get a lot of the money upfront, which can then be applied to savings.
The draw back is that it could severely effect the inheritance that you may want to leave behind. Long-term care insurance is an inexpensive way to insure that your family is taken care of. Conclusion For many seniors, the possibility of their children paying out of their own pocket to take care of them is simply too much to bear. As a result, seniors will look at the options of reverse mortgages and long-term care insurance to find a way that they can pay their own way through either a loan or a government program. In the case of reverse mortgages, they will be able to get a loan that they will not have to pay back until they die or move, and even then the loan is paid off on the sale of the home. This allows them to get the money up front to help pay for their own long-term care at home. It is of little surprise it has become such a popular trend for seniors looking for a way to pay their own way.
Did you know?
Why You Should Consider Long Term Care Insurance in Clermont? What Is Long Term Care Insurance? Is Long Term Care Insurance Right For You?
Thanks to advances in healthcare, people are living longer than ever. This also means that more and more people are finding themselves in the position of paying for long term care services, either for themselves or for their loved ones. These types of expenses are typically very costly when paid for out of pocket. If you are considering purchasing a long term care insurance policy, you should do so in middle age, since this will increase your chances of both being eligible for coverage, and for qualifying for a lower premium rate.
Long term care insurance can be expensive, and is not a viable option for everyone. It is something that everyone should consider, however. The right policy can help you reduce your independence on your family members, as well as decrease their financial and emotional strain as you age, and can help you retain control of your finances and control of how and where you receive long term care.
There are different types of long term care insurance policies that you may qualify for, depending on your health and your care needs. Some long term care insurance policies pay for a friend or family member to care with you in your own home, while others are designed to provide coverage for home care, nursing home care, or both. Among the many considerations to weigh is the monthly or daily benefit amount that you will receive from your insurance company. If the benefit amount is less than your care expenses, you will be required to pay for the difference out of pocket. When it comes to long term care or any other type of insurance, it is important to weigh your options carefully and discuss them with your insurance broker before deciding.
LTC insurance in Clermont is an important financial tool to help you protect your assets and preserve your independence. The potential expense of long term care could easily deplete your entire savings. It is an expensive and complicated product. It’s sold by a shrinking number of financially challenged insurers and subject to differing state rules that aren’t always effectively enforced.
Most retirees are likely to need some sort of nursing care or extended medical assistance during their retirement. The costs of that care averages over $6,000 per month for a private room in a nursing home, according to a recent national study.
Can your nest egg meet the demands of $72,000 each year for medical care? For most, the answer is no.
Worried about the cost? Compared to the certainty of huge care costs, most find that the cost of long term care insurance in Clermont very affordable.
Clermont Florida long term care insurance policy can protect your retirement dream for you and your spouse. The policy can be customized so that you can receive in-home care rather than being moved to a facility.
You may think that you are already covered by Medicare for a nursing facility but that coverage does not allow for in-home coverage and you be displaced to a state-run facility in order to get that care.
Here are two reasons to get started right away!
- The earlier you take out a long term care policy, the less the premiums will be. If you are in good health right now, it makes sense to get approved.
- You can get a no-risk quote right away by filling out the short form. We'll get back to you with an affordable path to securing the retirement you want.