Clark & Goshow: Tips on Long Term Care Insurance


Without a long-term care strategy in place, your nest egg may be the only source of funds to pay for these expenses. If you’d rather not spend-down your savings to qualify for government care or you’ve got other plans for the savings you’ve accumulated, consider long-term care (LTC) insurance. What is LTC insurance? LTC insurance is coverage you can purchase to help pay for assistance if you can no longer care for yourself.

What should I look for in LTC insurance policies? Only consider providers that are A-rated or better and have been in the long-term care insurance business for 10 years or more. Companies such as A.M. Best, Standard & Poor’s (S&P), Moody’s Investors Service and Fitch Ratings evaluate providers based on their claims-paying ability and history of raising premiums.

When is a good time to buy LTC insurance? The day you need long-term care may seem far off but 40% of Americans receiving long-term care are under the age of 65. Remember, an accident or illness can also lead to the need for long-term care. In answering this question, you must keep in mind that your health determines whether you qualify for LTC insurance and is considered when your premium is calculated. The premium amount also factors in your age at the time you take out a policy.

At Clark & Goshow Financial Strategies Group, we’ll take the time to get to know you. We’ll look at your complete financial picture and create a plan that provides you with confidence in your financial future. Our Envision process helps identify where you are, where you want to go and how you plan to get there. Contact us to begin planning for your future today.

Clark & Goshow Financial Strategies Group, LLC 707 Eagleview Blvd, Suite 104 Eagleview Corporate Center | Exton PA 610.268.6700 |