What LTC Insurance Was Like

Long term care as a market has been on the continuous rise for the past few decades, and now, more than ever, there is an increasing demand by the day. Health issues do not go away with age as we know, on the contrary, things just get more complex. Due to greater longevity and increasing medical costs, prices have seen a steady increase and will continue to do so. What is worse is that while the price of the long-term care insurance coverage is going up, traditional policies only pay if you use long-term care. This is a situation that people in Maine will not tolerate, we demand more for our money.    

Hybrid LTC Insurance as the Solution

If you look at some of the traditional long-term care insurance rates in Maine, you will find that the numbers, according to surveys, look something like this:
  • The monthly rates for assisted living facilities easily reach $58,000 per year.
  • For semi-private rooms, nursing homes charge an hourly rate from $189 to $409, meaning the median annual rate reaches the $100,000 mark. For private rooms, the annual average cost of long-term care in Maine extends up to $107,000.
  • Beginning at $16 per hour, home health aides can charge up to $34 at their peak. In annual median numbers, this translates to $51,000.
Capital Retention can show you how to move poor-performing assets, to a single premium hybrid long-term care product. By adding an inflation rider, you are protected from the rising costs of long-term care, and never pay another premium. Maine residents without the means to pay for our single-premium product, do well by considering our monthly pay long-term care insurance. This policy stresses the ability to age at home for as long as possible. You can even use cash benefits to pay for in-home care provided by your family or friends. This policy is available with guaranteed rates a death benefit and many more optional riders and inflation interest rates to choose from. This policy is also a state Partnership-Qualified plan for 1:1 Medicaid spend-down credits. Each state has the right to determine the compounding percentage of inflation protection for their Partnership-Qualified LTCi plans. The state of Maine has chosen to require rates to be set between 1-5% compound interest for all ages of policy holders. In other words, Maine requires that your Partnership-Qualified LTC insurance policy carries an inflation rider from 1-5%, to protect your policy value from eroding due to inflation. Capital Retention will provide you with a licensed agent in your area to answer your long-term care insurance questions. You can even call us, so we can explain policy options over the phone, and you can then apply online. We look forward to hearing from you. Remember, you can only qualify for LTC insurance while you are healthy, so start your planning today.

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