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Empty Nesters

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Learn About Long Term Care Insurance by Trisperity Advisors

As your children strike out on their own, it’s time for another major review of your insurance coverage. 
Long-term care (LTC) , one of the most overlooked types of insurance. This insurance is designed to pay for custodial care in a nursing home, assisted-living facility or professional at-home care, any of which can be very expensive, especially in light of longer life spans and inflation.

Many people don’t buy LTC insurance because they assume that the government will pay for it.  But Medicare does not pay for long-term custodial nursing home care.  And Medicaid pays only if you have spent down most of your financial assets.

If LTC insurance is appropriate for you, we recommend that you buy it while you are in your fifties.  The premiums are still reasonable at this age, and you run less risk of failing to qualify due to deteriorating health.  If poor health is a barrier, you may be able to qualify by buying group coverage through work, if it’s available.  Again, factor in inflation when choosing benefit amounts.

Disability – You’ll want to continue this coverage as long as you are working and dependent on the income.

Life – With the kids gone, you may not need as much life insurance as before, but it remains critical if you’re still working and a spouse depends on your income. Estate planning considerations, such as leaving an inheritance to loved ones, making a bequest to a favorite charity or paying estate taxes, are other reasons why you may decide to keep your life insurance in force.

Other – As you review your insurance, watch out for gaps and duplications. People with multiple properties in multiple states, for example, often use multiple insurance agents for their property and casualty coverage, and can easily end up with expensive coverage – or worse, no coverage at all for some property because it was overlooked or because a policy expired.

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