Long-Term Care

What if a long-term disability or illness requires you to have long-term care? Will you be ready?

According to the About online newsletter, investing in retirement accounts is a common vehicle people use for securing an enjoyable retirement. But what if everything doesn’t go as planned and a long-term illness or disability requires you to get help with your daily living activities? Will you have enough in your retirement savings to live in the assisted living home of your choice? What if you want home care? Long-term care insurance is designed to provide you help with these services.

Costs for nursing home facilities in Massachusetts can be as high as $92,000 a year. Choosing long-term care insurance can help you pay for costs of a nursing facility or home care for a long-term disability or other long-term illness if the need arises.

You should consider long-term care insurance if:

  1. You have a large amount of income or assets and feel you probably would not qualify for Medicaid.
  2. You don't want to rely on assistance from the state or other sources such as relatives.
  3. You can afford to pay the premiums. Depending on your tax situation, there may be tax benefits.
  4. 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, Vista Financial Group, at 888.646.1972, ext. 104 or tom@vistafg.com.

*Discounts are available from Mutual of Omaha.

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