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Long Term Care Planning

The chance that you will need long-term care is high.  According to the Centers for Medicare and Medicaid Services, at least 70 percent of people over 65 years of age will need long term care services and support at some point.  

Woodard Insurance, LLP, represents some of the nation's top long term care insurers.  Long-term care insurance can help you pay for the high cost of staying in a nursing home or having long-term care professionals come to your home.  We help you ensure that you are able to retain your dignity and independence when you need covered professional care in a nursing home or in your home.

Woodard helps you design a long term care insurance program to protect your hard-earned assets from the financial devastation of covered long term care.  The two main types of long term care insurance are the traditional indemnity policy and the life insurance-based "hybrid" policy.  

The indemnity long-term care policy, first sold in the 1970s, has an affordable periodic premium, commonly paid monthly.  Insurers can - and often do - raise the premiums on indemnity policies.  In some cases, a portion of the indemnity policy's premium is tax-deductible, and even if you cannot deduct the premium, you can pay it from your health savings account (HSA). 

A life-insurance based long-term care policy, also called a hybrid policy, typically requires a large single premium in the tens of thousands of dollars.  Since you pay only one premium, you do not have to worry about rate increases.  The hybrid policy's premium never is deductible, nor can you pay it from your HSA.  Unlike an indemnity policy, however, a hybrid policy will pay a death benefit if you die without consuming all of your benefits, and most hybrid policies will let you surrender the policy and receive a refund of some or all of your premium, if you have not filed any claims.

A properly-designed long-term care policy will qualify for Texas' Medicaid partnership program.  Ask Woodard for details.

Long-term care policies can be unaffordable or unavailable if you have a health impairment.  Woodard negotiates with long term care insurers to provide you with a fair underwriting offer.