The Expert: Ted Sadar, president, Sadar Financial Management, Akron. Securities and Investment Advisory Services through Multi-Financial Securities Corp., member FINRA, SIPC.
Credentials: Certified financial planner; insurance and securities licenses.
Experience: 23 years
The Question: I'm thinking of looking at long-term care policies. Also long-term disability. Can you get one policy that is both? What should I look for?
The Answer: To my knowledge, there is not a combination policy that will cover a loss due to a disability and long-term care needs.
With a disability contract, look for how much income is needed to pay your monthly bills if you cannot work. This amount is usually about 60 percent of your gross income. Benefits will be provided on either a short- or long-term basis.
Long-term care will provide monthly income if you need help with daily living needs either at home, in an assisted living facility or a nursing home. You do not have to consider a policy for the entire cost of care. Consider other sources of income such as pension, Social Security and other savings when determining the policy benefits requested.
To help determine if long-term care coverage is right for you, consider what impact a long- term care expense would have on your family's finances. Minimum care services will be $20 to $25 an hour for an aide, and more for a nurse and treatments. Assisted living can be $125 to $150 a day and nursing home care can cost $225 to $250 a day.
Look for only top-rated insurance companies to work with. Remember, both disability and long-term care policies are medically written, so the best time to get coverage is when you are healthy.
source: Auto insurance quotes, Get auto insurance quotes, Compare auto insurance, Auto insurance comparisons, Auto insurance quote, Instant auto insurance, Affordable auto insurance, Auto insurance companies, Auto insurance rates, Auto insurance discounts, Auto car insurance, Student auto insurance, Auto insurance brokers, General auto insurance, American auto insurance, Auto insurance UK, Auto insurance claims, Fake auto insurance, Auto insurance complaints
Credentials: Certified financial planner; insurance and securities licenses.
Experience: 23 years
The Question: I'm thinking of looking at long-term care policies. Also long-term disability. Can you get one policy that is both? What should I look for?
The Answer: To my knowledge, there is not a combination policy that will cover a loss due to a disability and long-term care needs.
With a disability contract, look for how much income is needed to pay your monthly bills if you cannot work. This amount is usually about 60 percent of your gross income. Benefits will be provided on either a short- or long-term basis.
Long-term care will provide monthly income if you need help with daily living needs either at home, in an assisted living facility or a nursing home. You do not have to consider a policy for the entire cost of care. Consider other sources of income such as pension, Social Security and other savings when determining the policy benefits requested.
To help determine if long-term care coverage is right for you, consider what impact a long- term care expense would have on your family's finances. Minimum care services will be $20 to $25 an hour for an aide, and more for a nurse and treatments. Assisted living can be $125 to $150 a day and nursing home care can cost $225 to $250 a day.
Look for only top-rated insurance companies to work with. Remember, both disability and long-term care policies are medically written, so the best time to get coverage is when you are healthy.
source: Auto insurance quotes, Get auto insurance quotes, Compare auto insurance, Auto insurance comparisons, Auto insurance quote, Instant auto insurance, Affordable auto insurance, Auto insurance companies, Auto insurance rates, Auto insurance discounts, Auto car insurance, Student auto insurance, Auto insurance brokers, General auto insurance, American auto insurance, Auto insurance UK, Auto insurance claims, Fake auto insurance, Auto insurance complaints
