Long Term Care Insurance

Protect your family from financial hardship

Long-term care insurance is specifically designed so you don’t become a burden to your family in the event that you need care in a nursing home, assisted living facility or even in your own home.

It doesn’t matter who you talk to – the Government, financial planners, insurance experts, medical professionals and so forth – the one thing you will find everyone agreeing on is the huge risk that the majority of Americans face from the financial risk of needing long-term care.

For every couple who reach 60 years of age, two out of three will experience the need for long-term care for one of the pair. The average time under care used to be under three years. Then it was under four years. With the advances in medicine and elder care, that average is now coming closer to “under five years”.

The average cost for a private room in a nursing home in the State of Florida is $91,250 per year. In Miami/Fort Lauderdale, the cost is now $116,000 per year (the latest Genworth Report on Long Term Care Costs from 2013 numbers). This number is climbing as costs increase across the entire medical support field.
Add in other costs for medical and ancillary services, and the bill for the average long-term care experience will exceed $250,000. The numbers continue to rise, and for about a third of the population they will have to rely on Medicaid for their long term care needs.

The correct planning can help mitigate the risk of long term care costs. If we look simply at the cost of long-term care insurance without including the entire financial picture of a client, we are doing everyone involved an injustice.

At CMIS, we look at the big picture from all angles before digging deeper into each person’s specific needs. Our suggestions are individualized for each set of circumstances. The rising costs of long-term care insurance are such that you have to consider what sources of funds are available, in coordination with the myriad insurance options before deciding on the correct solution. Too little insurance could be disastrous for a person’s financial situation. Too much insurance wastes limited resources. It is important to find the correct balance, and for that, CMIS is perfectly positioned to assist in this process.

The number and type of long-term care insurance policies has grown over the years, but in recent times, some insurance companies have left the market place. There are many insurance options available of which people have no knowledge. It is essential to find an insurance consultant who can work with all of the varieties of long-term care coverage to make sure you are getting the best fit for you.

Long-term care costs have the potential to devastate the financial plans of all Americans. To help people make wise decisions, CMIS is here to establish a person’s situation; determine which coverage and which company are the most appropriate; how much coverage is appropriate; and then work with the client as their advocate, to make the process as smooth and pain-free as possible.

Our Services

Life Insurance

Protect your family from financial risk. Learn more.

Long Term Care Insurance

Don’t become a burden to your family. Learn more.

Disability Insurance

For individuals and groups/companies. Learn more.

Retirement Planning

Insurance solutions for companies of all sizes. Learn more.

Voluntary Benefits Programs

Cost effective insurance solutions. Learn more.