Brian Gruss Licensed Insurance Planner

Surprising Long Term Care Insurance Statistic

In a recent report from the American Association for Long Term Care insurance, it states that in 2011 $6.6 billion (6,600,000,000.00) were paid out in claims to 200,000 people.

If all the claims were equal (which we know were not) that would be $33,000.00 per person on claim.

Now not everyone goes on to long term care claim (just like not everyone has a car accident), but if you do go into a facility whether nursing home or assisted living, or you need someone to come to the house, how do you plan on paying that?  Let’s use the number of $33,000 per year (some are higher some will be lower), what will that do to your savings account, your retirement, do your kids have enough to pay for it?

I know it’s a lot of questions, but something that you should at least think about. You should contact me for a quote specific for your situation.

Also did you know when it comes to purchasing long term care insurance that you can write off a portion of it?  I have copied this directly from the IRS website.

Qualified long-term care premiums up to the amounts shown below.
Age 40 or under – $340.00
Age 41 to 50 – $640.00
Age 51 to 60 – $1,270.00
Age 61 to 70 – $3,390.00
Age 71 or over – $4,240.00

Again Contact me with questions.