Pushing Georgia Long Term Care Insurance Policies
Georgia strongly encourages its residents to come up with a retirement plan 20 or 30 years before they turn 65 to avoid outliving their resources. There are many ways that you can plan your future but only a Georgia long term care insurance policy can guarantee complete long term care (LTC) coverage plus asset protection at the same time.
Other types of retirement plans may give you access to quality LTC but they don’t guarantee protection for your assets. Now why would you go for something which offers topnotch LTC in exchange for everything that you’ve worked so hard to acquire?
Retirement will finally give you the opportunity to pursue hobbies that you’ve been putting off for the longest time, but it also means losing the power to bring in a fixed monthly income so you have to organize your finances while you’re still active at work.
If you’re wondering why you are advised to include an LTC plan in your overall retirement plan when your health is in tiptop shape, the answer is simple — nobody stays young and healthy forever. Starting your LTC plan today will ensure you big savings but if you wait till later you will end up overspending on a single plan.
To begin your plan, check your current living expenses and estimate the money that you’ll be receiving upon retirement. Make another computation, this time taking the 5 percent annual inflation into account. You have to determine the amount of your future living expenses so that you can put a portion of your money into your savings account.
Without a systematic plan you will end up squandering your retirement money down to the last penny or cent.
Planning with Georgia Long Term Care Insurance
As mentioned earlier, your retirement plan should be inclusive of an LTC plan in order to avoid overspending on health care.
LTC services are not exempted from inflation so even if you are expecting $500,000 upon retirement this will not get you too far since the cost of care is expected to increase fourfold in 2030.
To avoid using your personal resources for your LTC needs consider a good plan such as a tax-qualified long term care insurance (LTCI) policy which complies with the state’s Partnership Program. This product offers affordable LTC coverage and Medicaid assistance should you require ongoing care in the future after having exhausted your policy’s benefits.
Partnership qualified LTCI policies allow people to protect their assets while acquiring assistance from Medicaid. Without this insurance product, Georgia’s Medicaid program will require you to spend down your assets until it is no more than $2,000 before you can be eligible for coverage.
For now, LTC services in Georgia are not as expensive as those offered by its neighboring states Florida, Tennessee, and South Carolina. Nursing homes in Georgia cost $63,875 annually but with inflation you could end up paying out $300,000 for a year’s stay in this type of LTC facility.
Start planning your future today to protect yourself and your family from falling into the financial hole. Contact a licensed insurance agent in your area to find out how you can qualify for a Georgia long term care insurance partnership plan.
Visit CompleteLongTermCare.com to request free long term care quotes and find helpful long term care resources.
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