Dr. Sabrina Scott writes about the reasons so few people have traditional long-term care insurance policies and why a majority of those who carry long-term care policies opt for the benefits of asset-based alternatives.
DECATUR, GA, July 15, 2019: Dr. Sabrina Scott, co-founder of Red Feather Financial, has posted a new article on the firm’s website entitled “Is Your Long-Term Care Insurance Policy Terminal,” in which Dr. Scott reviews the reasons traditional policies are dying.
Dr. Scott asks readers, “Do you have a traditional long-term care insurance policy?” She continues adding, “It would not be at all surprising if you don’t. After all, statistics show that only 16% of Americans who bought policies offering long term care protection in 2018 purchased this type.” [Source: American Association for Long-Term Care Insurance, March 2019 www.aaltci.org].
As Dr. Scott confirms, “There are a few reasons why most people don’t have a traditional long-term care policy. For starters, you have to be healthy to qualify and, secondly, it requires an ongoing expense for a benefit that you might never use.”
According to Dr. Scott, “With regular health insurance, you are bound to use it even if it is just for preventative care.” “But with a traditional long-term care insurance policy,” says Dr. Scott, “you only use it if you become disabled and need long-term care like home health care, assisted living care, or nursing home care. Imagine paying for something year after year that you might never use.”
Continuing to elaborate on the way long-term care policies work, Dr. Scott writes, “Again, using regular health insurance as the model, you usually have a choice of insurance carriers and can switch from one carrier to another from year to year if you’re not happy with your choice. However, when it comes to long-term care insurance, you are generally making a long-term – no pun intended – commitment to one insurance carrier for your lifetime.” “For that reason,” she adds, “you should consider carefully with whom you contract. This is also the primary reason why Red Feather Financial only works with highly-rated insurance companies.”
Dr. Scott goes on the pose and answer the question that is inevitable. She writes, “So, if only 16% of Americans who purchased long term care protection in 2018 purchased traditional long-term care insurance, what did the other 84% get?” According to Dr. Scott, “Today’s go-to alternative is asset-based long-term care solutions or linked benefit coverage. The difference is significant in that if you don’t use it, you don’t lose it. The benefit for long-term care expenses is there if you need it, but if it is not used or not completely depleted upon death, there can be a benefit to leave to your heirs.”
The entire article can be read at http://redfeatherfinancial.com/is-your-long-term-care-insurance-policy-terminal/
About Dr. Sabrina Scott
Sabrina Scott learned about Veterans Benefits and Medicaid when her parents sought legal services for long-term care. Confident she could find ways to preserve her family’s resources and still get access to Government Assistance, Sabrina felt there should be more options than relying on welfare. As a result, Dr. Scott became an investment advisor representative who can make recommendations regarding securities and became licensed in insurance as well. She co-founded Red Feather Financial with Victoria Collier to help those who want to have a plan in place in order not to outlive their resources and who do not want to be a burden to their children.
About Victoria Collier
Victoria L. Collier, CELA founded The Estate & Asset Protection Law Firm to serve the legal needs of retiring individuals. Victoria is also Co-Founder of Red Feather Financial. At both firms WE BELIEVE that people should not have to lose everything they’ve worked a lifetime to earn and that every person is an individual who deserves respect and the highest quality of life possible, regardless of age or ability. We also believe that privacy and protection are the keys to personal peace. Victoria was appointed by Governor Perdue to the Georgia Council on Aging, 2010 – 2016 and was awarded Dekalb County Veteran of the Year, 2013. She is the author of 47 Secret Veterans Benefits for Seniors; Paying for Long Term Care – Financial Help for Wartime Veterans: The VA Aid & Attendance Benefit.
About Red Feather Financial
Red Feather Financial is an independent financial advisory firm born with a singular mission: to financially empower our clients and protect their financial future. Most people come to see us because they are worried about having enough money for retirement and long-term care costs. We help by showing our clients how they can leverage their assets in the most tax-efficient and cost-effective ways.