How Does Long-Term Care Insurance Work?

I tell people that buying long-term care insurance in Iowa is a lot like buying a vehicle. There are many models and price ranges to choose from. Ideally, you buy one that fits your family’s needs best, with just the right amount of options, and at a fair price. If your family needs a pick-up, it is silly to buy a 4-door sedan. Maybe two sedans fit your needs better than one sports car.

I think you get the idea – there is a long-term care insurance plan that will fit your family’s needs. You just need some more information, from someone you can trust, to make the best decision for your family. Capital Retention is here to do just that. We will walk you through the application process and share with you, two of America’s best long-term care insurance plans from brand names you know and trust. Then we will explain all the options and how those options effect your premiums, so you get a contract that covers all your concerns. We will help you engage the entire family, so your expectations are agreed upon, and you have a solid financial plan for end of years planning.

Long-Term Care Insurance for Larger Estates in Iowa

Often larger estates in Iowa involve multi-generational operators, land and equipment. Capital Retention has estate planning experts on staff, that can be a huge help in getting all family members on the same page. Few people realize that a private nursing home room can run $90,000 per year. The good news is, most of us don’t realize that insuring against this financial plan killer is much less expensive than we realize. You can cover a 60-year old male, non-smoker, with a couple’s discount and preferred rates for 4-7 years of assisted living or long-term nursing care, by paying for 1 year up front.

Many farm families move lesser performing assets, like stored grain, into a long-term care contract. Say you repositioned a $100,000 asset, on day one the value of that asset would be worth 3-8 times as much ($300,000 – $800,000) in long-term care benefits, depending on your age at issue. Instead of a one-time reposition of assets, you could make annual payments for 5, 7 or 10 years. Your premiums are locked in and never go up. Your premium dollars stay 100% liquid, and you can withdraw the entire amount (less any benefits paid) any time you wish, if you were ever to change your mind. If you never used your long-term care benefits, your family would receive a death benefit for more than the total premiums you paid in.

Middle Income, Long-Term Care Insurance in Iowa

Should your long-term care insurance needs be less that estate sized, Capital Retention will introduce you to a monthly premium plan, for just $200-$300 per month, per insured. A very popular benefit of this program is the ability to stay in your home longer, by using your long-term care benefits to pay family or friends for caring for you. No one likes to be a burden on their children, and by providing them cash for their caring for you, in your own home, everyone wins.

Once care becomes too much for your family, this long-term care contract can transition you to an assisted living facility, and finally a nursing facility, or hospice care, if needed. Just like a car, there are many more options to consider. We even have a calculator that shows the impact to your premium, for each move among options. This is a great way to tailor a perfect balance between premium cost and the long-term care benefits desired. You can create a plan that covers most all your long-term care expenses or chose a lower premium than may cover only a percentage of your planned expenses. The choice is yours, and Capital Retention is here to help you make sense of it all, so you have a solid financial plan you can count on in your later years.

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