LTC is widely regarded as the biggest hole in the overall retirement and estate plan. Over two thirds of retired couples will need to use some form of assistance in this area and it is not covered by medicare. The wealthy can self insure, the poor have medicaid, but what about everybody in the middle?
The traditional solution is Long Term Care insurance, but it is very expensive and the insurance industry has proved untrustworthy in regard to keeping premiums fixed...many consumers have had to drop their policies because of shocking rate increases. Still, many are willing to pay the high premiums but find out that they are denied the coverage because of very strict health underwriting requirements.
Given that most retirees would rather avoid a nursing home and stay in their own home, there is an alternative program called the True Freedom Nationwide Home Care Plan. This is a home care service plan. Think of it like the auto club plans where you pay a membership fee and when your car breaks down you call the toll free number and a tow truck comes out to assist. Same thing here, call the toll free number and a local home health care provider will come to your home to assist with all the usual activities of daily living.
Click here for a quick three minute video overview
Click here for a detailed eight minute video analysis
If you wish to join, simply ask me for an enrollment link. There is only one health question and it simply asks if you currently live independently with regard to activities of daily living. My father signed up at age 85 to supplement his old LTC insurance plan that is becoming inadequate due to inflation. He completed the signup process in under five minutes on his cell phone!
The more common age to sign up is in the sixties because of the need to be enrolled before the plan is needed. To reward early signups, the rate goes down each of the first four years after enrollment if the plan has not been used. So at year five, the monthly rate is just 60% of the starting rate and will stay there until the plan gets used.
Another popular popular feature of the plan is that using a professional agency to provide assistance is not required. Many prefer to have a friend or neighbor provide the care and be compensated...thus the name "True Freedom".
Here are more information links to complete your research:
Click here for Dr. Somers opinion of the plan
Click here for plans and rates
LONG TERM CARE
Todd Ensing, IAR, RICP®
Investment Advisor Representative
Retirement Income Certified Professional
(661) 713-5021 - License # 0G00777
Copyright © Todd Ensing