| Long Term Care |
The Long Term Care industry came about within the insurance industry in the mid to late 70's. The insurance companies saw the need, did the math and figured they could make a tidy profit offering this type of coverage to the consumers past the age of 60 or so. Home health care policies became all the rage. As did nursing home only type policies.
By the mid to late 90's several interesting things transpired. The companies that sold the home health care only policies started receiving massive claims. To the point that many of these insurance companies were sold or 'folded into' larger more experienced companies for pennies on the dollar or the individual states stepped in and managed the chaos.
 Home health care only policies went away by the late 90's and most of the surviving insurance companies recognized that the only way they would make a profit ( remember folks, we want the insurance companies to be profitable so that when we make our claim, the claim is paid) would be in developing an 'all-in-one' type policy as well as providing a plethora of new coverage's.
Today, most carriers are profitable and offer a comprehensive policy to the consumer and most provide substantial discounts for the spouse as well.
We have chosen to only represent the best carriers. The reasoning on our part is simple. We want to know they are going to be there to pay the claim when it occurs 20 or 30 years down the road.
Some policies offer a premium refund option. We do NOT recommend this and we will be happy to explain why should you care to inquire.
Testimonial:
"Being a high volume broker with large cases that need special attention... I hesitated for a few years before starting to work with Cornerstone Financial Services, Inc., and looking back, I wish I had not. Their expertise, specifically in the large case arena that require intensive follow through is unsurpassed! They are a really refreshing change and an absolute pleasure to do business with."
--Dick C., Concord,MA
Many of you are aware of the sad stories, unexpected financial ruin and the other horrors associated with an unexpected long term care event such as a cardiac event, brain aneurysm, unexpected debilitating disease diagnosis, etc. as you have had family members, friends or neighbors experience these events and witnessing the financial upheaval first hand motivates many people past 65 to purchase some form of Long Term Care Coverage.
Now we could quote all types of gloomy numbers in regards to the need for Long Term Coverage but you have a computer or a public library you can visit and just a little research should be enough to motivate most couples into action.
BUT HERE'S THE CATCH!!--Most folks do not want to buy Long Term Care coverage when they are 50, they wait and if they are fortunate enough to still have good health, they buy it when they are around 65 or so and start seeing their friends suffer long term medical problems and the associated expenses.
WE STRONGLY ADVOCATE THAT YOU BUY YOUR LONG TERM CARE COVERAGE BEFORE 55! Do you realize that if two couples or two individuals aged 50- and one chose to buy their coverage now, while they enjoy good health and other decided to wait until their 65th birthday; and assuming both had a long term care claim incidence around 75 to 80... The folks who bought at age 50 paid LESS in premium dollars than the folks who decided to wait!
By purchasing this necessary coverage in your 50's you are not only locking in low rates, you are insuring your health status as well; what if there was a severe health event just before you decided to buy your long term care coverage? The insurance company would not issue you a policy because you are now at much greater risk of needing care.
 The bottom line is this folks: I am not a fan of any insurance company. They are a necessary evil as are so many other things imposed upon us during our lives. One thing is certain- quality companies will be there to pay your claim! Buy long term care coverage when you are 55 or less and you will be so happy you did when and if the event occurs that coverage is needed. Oh, I know--you are not the one who will ever need coverage. "Take me out to the barn and put me down like sick livestock!" I have heard this irresponsible point of naïveté so many times that it just demonstrates how ignorant some folks are.
We are guaranteed 3 things in life folks; Taxes, Changes and Death. On the way the to the last one, many of us will not get our wish to pass on in our sleep. Many of us will suffer debilitating and degenerative diseases. The man or woman who buys long term care coverage on himself/herself is telling his wife/husband he/she loves her/him dearly--as it is not the one who suffers a long term care medical claim that is the real victim, it is the spouse at home having to deal with the massive health changes to their loved one that is the real victim most times!
And yes, I bought my long term health care policy at age 50 and I bought the kind that pays a cash benefit as opposed to the more traditional coverage that co-ordinates benefit coverage up to your daily/monthly coverage amount.
Why did I choose to pay more premium dollars for a cash benefit policy?
Well, should I suffer a long term care claim I want cash each month that I choose to spend on what I want and need. I may want my daughter-in-law to help me or I may want a private nurse. What I do not want, is any arguments with someone telling me what I can and cannot have. Just send the check each month, thank you very much.
Long term care coverage is a necessity as many 'boomers' are discovering with their parents. Buy your coverage early on. Buy from a quality company like us, and we have brokers and agencies all across the U.S.A..
We are happy to help you--just make the call--800-682-7174
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