Ask the Expert on Long Term Insurance
Donna Fore, Mutual of Omaha
Why is long-term case insurance important?
You probably know someone who has required long term care services. Or, maybe you’ve been a caregiver yourself. Either way, you may wonder how you’ll handle your own long term care needs should they arise. Will your family take care of you? Will you be able to stay in your home? How will the need for care impact your retirement funds? It’s hard to think of becoming chronically ill and needing long term care, but it’s estimated that nearly 70 percent of people over age 65 will require long term care services – for an average of three years. And, 20 percent of those individuals will need care for more than five years. (US Department of Health and Human Services Study)
What is long-term case insurance?
A customized plan to cover costs associated with getting the help you need to do the things you’ve always been able to do for yourself, such as: fixing meals, driving, cleaning the house, and shopping; as well as many personal care services like taking your medications, walking, eating, bathing/ showering, and dressing.
What is the value of having long-term case insurance?
A long-term case insurance plan is designed to help you pay for these types of diverse long term care services, whether the assistance is temporary or permanent. It can help protect your retirement funds and other assets by providing a readily accessible source of funds earmarked to take care of you.
How does a long-term case insurance policy work?
When you begin to lose the ability to do some of your Activities of Daily Living (walking, dressing, bathing, eating, getting in or out of bed/chair, etc.), a licensed health care practitioner will evaluate your needs and certify you are chronically ill and need help. At that point, you receive long term care benefits from your plan.
Who needs long-term case insurance?
Anyone who wishes to remain in their home as long as possible and wants to avoid entering a facility. People who value staying close to family and friends and want to continue enjoying those relationships. Anyone who worked hard to save for retirement and doesn’t want to spend their life’s savings on long term care.
How do you start receiving your long-term care benefits?
When we meet and design your custom plan, you will select an elimination period during which time your long-term care services are your responsibility. This period is variable and can be as short as a few months, depending upon your needs. After your elimination period is over, your plan covers long term care, whether at home or a facility.
How do I determine my needs?
We will meet together and review your lifestyle, age, your state/location for care, your family, health, plans for the future, the average amount spent for long term care in your area, the cost of inflation regarding long term care, your budget, and other important factors. The benefits of owning Mutual of Omaha long-term case insurance: Mutual of Omaha provides a customized plan for ensuring that you obtain the right level of long term care services at your preferred location, whether at home or in a facility. Our plans include a Cash Benefit option – it allows you to pay a portion of the policy’s benefit just for home health care. Call me today, I can definitely help you and your family!
ABOUT THE EXPERT:
Donna is a retired military officer, serving 30 years at senior levels of the military. A survivor of 9-11 at The Pentagon, she understands that life can change quickly.
A hard-working veteran of two overseas combat operations, she is dedicated to serving her country, church, and community. She has extensive experience with helping people to protect family, income, property, and businesses due to a sudden disability or death. Some of the products/services she can provide are: Life insurance, Medicare plans, Long term care coverage, Financial strategies, Employee benefit plans, Business planning, Key employee insurance, Buy-sell arrangements, Estate planning, Disability insurance, Critical illness plans, Supplemental retirement funds, Annuities, and more.
Donna Fore – Mutual of Omaha
4005 Electric Road, Floor 3,
Roanoke, VA 24018