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Long Term Care Protection

With costs approaching and frequently exceeding $30,000 annually, this is an area of concern to all, especially those who have been successful in accumulating significant assets.

Extensive planning is often done to conserve these assets and protect them from high estate taxes. It is equally important to consider the effect a long-term stay in nursing home can have on an estate. Death taxes and a long-term illness can exhaust accumulated assets. To avoid having to “spend down” assets before government programs (Medicaid) will pay for long-term care, a long-term plan may be purchased that will provide the dollars necessary for car. As with most types of health insurance plans, the premium increases as we age and the risk increases. The following chart shows representative annual premiums for $100/day, 60-day waiting period, 5% compound inflation benefit at various ages.

  • Issue age 50 – $552/year
  • Issue age 55 – $723/year
  • Issue age 60 – $993/year
  • Issue age 65 – $1437/year
  • Issue age 70 – $2097/year
  • Other optional benefits such as home health care are available for an additional premium. As in any estate planning situation, with long-term care the earlier one starts in planning the solution, the lower the cost.

Individuals who have been successful in accumulating an estate should be careful in planning for estate taxes and long term care costs. We would be happy to talk with you about the need, the benefits and the costs as they would apply to your situation.

Please give us a call. (517) 332-7500

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Testimonials

I think your insurance agency is A #1.  As a senior citizen, most places don’t want to take the time that I sometimes require or recommend things that I don’t need.  You folks have been very helpful and honest with me, which is just what I need.  -Caroline Ziesman; Lansing, MI

Caroline Ziesman

Stark Agency has always made sure that my family is covered.  Whether it’s an accident, a new car, or life policies, they have us taken care of.  –Casey & Natalia Collings;  Mt. Pleasant, MI

Casey & Natalia Collings

The Stark Agency has handled my personal and business insurance for many years.  Their attention to detail, combined with a wide range of products and services, make them the easy choice when it comes time to renew.  Answers are a phone call away and are delivered in a timely, professional manner.  –Mark & Kerri Iwanicki; Washington, MI

Mark & Kerri Iwanicki

The family atmosphere at Stark Agency is why I have them take care of my insurance needs.  I’m not just a number; they took the time to find out about me and tailor a policy to meet my needs.  –Matt Wyatt;  Lansing, MI

Matt Wyatt

My experience with everyone at the agency has always been positive.  They provide me with fast results, good information, and always look out for my best interest.  –Brian Vane; Charlotte, MI

Brian Vane

Honesty and integrity are very important to me someone is covering my family and assets.  Leon has always taken the time to determine our needs and make sure they’re met.  We’ve changed companies from time to time to reduce our cost, but we wouldn’t leave the Stark Agency for any amount of money.  –Scott & Amy Koproski; Alpena, MI

Scott & Amy Koproski
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