Post Game Financial, owned and operated by Roy Caso and Michael Briggs, has more than 30 years of experience working with people looking for financial security. They specialize in financial planning, investment allocation, and risk management, focusing on long term care. Their unbiased, fiduciary approach gives you the assurance that there are no ulterior motives. Both Roy and Michael hold AIF designations, which stands for Accredited Investment Fiduciary. They provide straightforward and easy to understand options with a clearly defined path forward. We spoke with Roy and Mike about Long Term Care insurance and here is their advice:
Q. What is Long Term Care and why is it important?
A. Long Term care usually involves personal care activities such as bathing, dressing, eating, using the bathroom, and moving from one place to another, like going from a bed to a chair. These tasks are also known as activities of daily living. Being under the skilled care of a doctor, nurse or physical therapist will qualify for long term care benefits. Benefits from a policy can also include home care should an individual want to stay in their house. “As we age and extend our mortality, there is a greater need we will need more care. Medical technology has extended our lifespan and thus increased the odds we all will need some care in the future”, says agent Michael Briggs.
Q. Who should buy Long Term Care and what age should you consider it?
A. “We have a rule of thumb for any individual or couple, if you have 100,000 or less, you will probably qualify for state aid and the cost of a long-term care policy wouldn’t be worth protecting the nest egg. If a couple has 4 million of net worth or greater, they can self-insure. Everyone in between should consider protecting their assets” says Roy Caso. He went on to add that anyone in their late 50s should begin exploring the options. The longer you wait, the more costly it becomes and the less benefit one will receive.
Q. What types of long-term policies are there in the marketplace?
A. Long Term Care coverage started in the 1970s as a traditional policy, whereas there was a premium and benefit pool for care. This type of coverage still exists and has evolved but was mispriced in the early years, thus causing the premiums to increase significantly. The other negative to these old policies, was that if you never used the coverage the premiums were gone. The newer policies are more hybrids. They act like a life policy with an LTC rider. The strength of this policy is if you don’t use the care benefit, your heirs receive the death benefit or unused premiums. There is cash value associated with the policy should you need cash in an emergency, all good reasons for considering long term care coverage. There is one other way to pay for long term care and that’s through a Long term care annuity, which has some excellent tax treatments. Caso/Briggs would love to discuss options that best fit your situation.
For more information contact Roycaso@financialguide.com or Mbrigss@financialguide.com, or call 860-997-8010.
“Medical technology has extended our lifespan and thus increased the odds we all will need some care in the future." Mike Briggs