What if a long-term disability or illness requires you to have long-term care? Will you be ready?
Investing in retirement accounts is a common way to prepare for a secure retirement. But what happens if things don’t go as planned? A long-term illness or disability could leave you needing help with everyday activities. Will your retirement savings be enough to cover the cost of assisted living? What if you prefer to receive care in your own home?
Long-term care insurance can help cover the cost of these services, helping protect your retirement savings and giving you more options for the care you may need.
Nursing home care in Massachusetts can cost as much as $168,000 a year. Long-term care insurance can help cover the cost of nursing facility care or home care if you develop a long-term disability or illness and need assistance with daily activities.
You should consider long-term care insurance if:
- You have a large amount of income or assets and feel you probably would not qualify for Medicaid.
- You don't want to rely on assistance from the state or other sources such as relatives.
- You can afford to pay the premiums. Depending on your tax situation, there may be tax benefits.
- You currently have health problems or have a family history of a long-term illness. Once you have a long- term illness or long-term disability, you probably would not qualify to purchase a policy.
Available at exclusive discounts, the MTA Long-Term Care (LTC) Insurance program is the smart way for MTA members to protect their assets if they need extended care and assistance. The program also helps members maintain their independence, offering at-home care as well as care in a nursing facility. The lower the age at which a person takes out LTC insurance, the lower the rates.
MTA Benefits works with several major carriers to obtain the best rates and plans for members, with advantages that include:
- 5% association discount*
- 30% spousal discount if member and spouse both purchase coverage*
- 10% preferred risk discount*
- MTA discount also for family members
MTAB plans also offer options for providing care, including in-home care, as well as other special features.
For more information, contact Tom Colbert of Vista Financial Group at 888-646-1972, ext. 104 or tom@vistafg.com.
*Discounts are available from Mutual of Omaha.
