The Importance of Long-Term Care

Aaron Clark, a Sales Executive at OCI, serves as a strategic partner for Farmers Union Agency. He specializes in Long Term Care Insurance (LTC) and collaborates closely with FUA Agents and clients interested in this coverage. Recently, Sandy Shapiro interviewed Aaron to explore the most frequently asked questions about Long Term Care Insurance:

Shapiro: What is the right age to purchase LTC insurance? 

Clark: This is a tricky question. With most types of insurance, you want to buy it if you are healthy, and it is less expensive. Having said that, it doesn’t make a lot of sense for a 20-year-old to buy a policy that they may not use for 50-plus years. In my experience, the best time is early to mid-50’s. 

Shapiro: How much coverage do I need if I live in the Midwest including Minnesota? 

Clark: The average cost of a nursing home in the Midwest including Minnesota is around $7,500 a month and the average duration is 18-36 months.

Shapiro: Can I get coverage for care in my home? Clark: LTC plans now include coverage in your home. 

Shapiro: Is there a waiting period before the coverage starts? Clark: This varies but typically 90 days. Shapiro: What types of care are included?

Clark: Most comprehensive plans will cover home health care, assisted living, adult day care, nursing home and hospice.

Shapiro: Can I get coverage if I have a health problem?

Clark: Depends on the health issue, severity and recency. Example, cancer less than 3 years ago probably no.

Shapiro: Words of wisdom when shopping for LTC insurance?

Clark: Buying LTC in many cases is a very difficult decision for people to make. It is such an important decision so for that reason alone it is vital that you work with someone who knows what they are doing. You will want to work with someone who is independent and that will have access to a number of different product options and carriers. There are different types of LTC products and there are pros and cons to those different types. Someone who specializes in LTC will know these things and be able to help a consumer navigate through all the moving parts. They will identify which features of the LTC plan are most important to the consumer and help customize a plan to match the exact kind of care they are wanting/needing. 

Shapiro is the Director of Sales, Health, and Life for Farmers Union Agency. Contact us today at (800) 229-1064 or to find an experienced FUA agent near you.

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