Kim Skala, Agency Owner
After seven years in underwriting and technical support, Kim joined the Skala Insurance Agency team and in ten years became the Principal Agent in January 2014.
She is active in local Chambers, Red Key Network and her Agency participates in community sponsored events.
Kim loves spending time with her husband, two daughters, five cats, and dog Pocahontas.
“Fact: Of all Americans age 65 or older, it is estimated that 70% of this group will need Long-Term care assistance.”
Fact: There are three basic ways to pay for care.
I) Cash – personal savings or investments paying dollar-for-dollar expenses
II) Medicaid – available for certain qualified individuals
III) Insurance – traditional or linked benefits
Fact: DENIAL! This is the number one reason that potentially qualified individuals will put off purchasing or fail to purchase this type of insurance.
“This will never happen to me!”… Then sadly, as one gets older, they may rethink their decision and attempt to apply for this insurance, only to be declined as they no do not qualify!
Let’s compare the two options to pay – Cash VS. Long-Term Care Insurance (LTCi):
(If you might qualify for Medicaid, then these plans would not be appropriate for you.)
Here are some reasons to consider longevity protection:
a) As a rule, you get more for your dollar spent with insurance, either in the form of Long-Term care benefits or in the form of life insurance, as compared to paying cash, dollar-for-dollar, for these same services.
b) The increase in account value is generally not taxable, when it very well might be in a cash account.
c) If you have money set aside that is connected to the market, it may or may not be there at the time that you might need it because of market fluctuations.
Example: Long-Term Care Scenario
Linda Smith, Female, 55 years old, Married, Nontobacco, Ohio
|
Premium Received |
Monthly: $584 per month for 10 Years TOTAL: $70,136 |
|
Total Long-Term Care Benefit |
Day 1: $300,001 Age 80: $300,001 |
|
Maximum Monthly Long-Term Care Benefit |
Day 1: $5,000 per month Age 80: $5000 per month |
|
Long-Term Care Specified Benefit Period |
5 Years |
|
$120,000 Note: The Net Death Benefit may be higher in some years. |
|
|
Guaranteed Minimum Death Benefit (Residual Death Benefit) |
$24,000 |
Don’t you owe it to yourself to learn more, so you can make an educated decision?
Take advantage of our free no obligation appointment to see if there is a plan that is right for you, or contact us to receive a free copy of the “Buyers Guide to: Long-Term Care Insurance.”
 be right for you? – Skala Insurance Agency LLC){kind=link}