Contact Information
Jo-Ann M. Dobson
Managing Director/President Oppenheimer Life Agency Ltd.
Phone: (212) 668-5890
joann.dobson@opco.com
Oppenheimer & Co. Inc.
85 Broad Street
New York, NY 10004
Long Term Care Insurance
Long-term care includes an array of services that are performed by others when personal activities of daily living are limited by an illness or condition that lasts a relatively long time. An extended illness or some other disabling condition can deplete the assets that have been saved and counted on for retirement.
In general, Long-Term Care Insurance (LTCI) is a good way to help protect retirement savings against the cost of chronic care. LTCI should not be considered just for older individuals; for a younger individual a long term care need can be financially devastating. Since each person’s situation is different, whether a LTCI policy makes sense for a particular individual depends on several factors:
• Net worth
• Income
• Current health
• Family history (does longevity or chronic disease run in the family?)
• Family relationships
• How much the individual is willing or able to spend on healthcare
Most individuals will access LTC services in the following capacity:
Temporary Care (care needed only for weeks or months)
• Rehabilitation from a hospital stay
• Recovery from an illness, injury or surgery
• Terminal medical condition
Ongoing Care (care needed for months or years)
• Chronic medical conditions
• Chronic severe pain
• Permanent disabilities
• Dementia
• Ongoing need for help with activities of daily living
Types of Policies
• Traditional LTC Individual Insurance Policies: Comprehensive policy: includes Home Health Care Assisted/Residential Living Care, Nursing Home and Hospice Care.
• Linked Life Insurance/LTC Insurance Policies: A universal life insurance policy with an LTC insurance rider. Provides a guaranteed return of premium, a guaranteed life insurance death benefit and a guaranteed LTC Insurance benefit. Premiums are generally a single-pay, lump-sum deposit, but can also be paid in installments.
• Life Insurance with LTC insurance Rider Policies: Similar to linked life/LTC policies, these contracts use a life insurance death benefit to accelerate funds to pay for LTC expenses. However, premiums can be funded over the lifetime of the insured or by paying a lump sum or for a period of years.
Consult with your Oppenheimer Financial Advisor to find out more information on long term care insurance, and how it can fit into your overall investment portfolio. Any payment guarantees are based on the claims paying ability of the insurance companies.