There are approximately 76 million baby boomers currently living in our country.  Studies show that 52-70% of them will require long-term medical care due to a chronic illness, injury, disability, or age-related issues. Medicare and most private health plans do not pay for a majority of the services provided in long-term care.  If you have assets to protect and want to manage your options for your own care, you need to purchase Long-Term Care Insurance. Premiums are based on age and your current health status, so this is definitely a product to look at sooner, rather than later and Kasmann Insurance Agency is happy to help you review your options.

Who Will Need Care?

Long-Term Care is not simply care to get well from a sickness, injury, or recuperation after a surgery.  It is the need for skilled care in one’s home, an assisted living facility, or in a nursing home because of a degenerative condition, prolonged illness, or cognitive disorder.  The need for care is triggered by a person no longer being able to perform at least 2 out of 6 of the “Activities for Daily Living.” The first two items on the list below are usually the first activities affected.

Activities for Daily Living (ADL’s)

  1. Bathing including getting in and out of a tub or shower and washing one’s own hair and body
  2. Dressing including putting clothing on and taking it off
  3. Transferring including getting into and out of a bed, chair, or wheelchair
  4. Toileting including getting to the restroom, getting on and off the toilet, and performing associated hygiene
  5. Continence including maintaining bodily function and when unable to maintain control being able to perform necessary hygiene
  6. Eating including getting food on to a utensil and into one’s mouth, or being able to feed oneself with a feeding tube or IV

Long-Term Care Insurance (LTCi)

There were more than 100 Long-Term Care carriers on the market a decade ago, but that has dwindled down to only about a dozen remaining today.  The premiums have also changed in the past decade, with many companies tripling or quadrupling their rates over the years.  Kasmann Insurance Agency has relationships with many carriers which allows us to offer you a variety of products and services; however we have the most long-standing relationship with Auto-Owners Insurance Company.  Auto-Owners offers us a lot of flexibility and great rates on life and disability insurance, as well as Long-Term Care.

Auto-Owners LTCi

Auto-Owners began offering LTCi in 2002 and the rates have remained stable ever since due to stringent underwriting and sound company investments.  According to AARP, a typical LTCi plan offers a daily benefit of $160 after a 3 month waitng period and for a maximum of 3 years.  Auto-Owners offers daily benefits ranging from $50 to $250, as well as a benefit period of 2, 4, 6, or 10 years, and waiting periods of 30, 60 or 90 days.  They offer two plans – a Benefits plan and a Benefits Plus plan.  Under the Auto-Owners Care Benefits plan, 100% of your selected daily benefit amount will be paid to an approved facility or 50% of your selected daily benefit amount if you receive care at home or in a community care setting.  The Benefits Plus plan pays the same 100% of your daily benefit amount to an approved facility OR while receiving home and/or community care.

Along with a variety of benefit options, Auto-Owners LTCi also has many policy features that are favorable to the insured and not always offered by other companies.  Benefit amounts are paid directly to the insured, not to the care provider, which eliminates having to submit bills, receipts, and/or claim forms for reimbursement.  Their policy is federally tax qualified and is guaranteed renewable as long as the premiums are paid.  You can learn about other advantages here.

Insure with the People You Trust

Whether you are thinking about yourself while reading this article, or about your parents or another loved one, Long Term Care insurance is vital conversation topic for the security of a family’s future.  Kasmann Insurance Agency has excellent, state-of-the-art products through a financially stable insurance company who is extremely committed to the sale of Long Term Care Insurance.  There is a need for this product and the time is now.  Please call the Kasmann agents today to discuss this important financial asset and get quotes through Auto-Owners Insurance.

For more general information on Long Term Care Insurance policies, benefits, options, etc. please read this more in-depth article we shared in the past.

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