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Dr. :
SCDA Member Benefits Group E-gram
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August 2015
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Are You Retirement Ready?
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As we get closer to our final working years we start to take retirement planning more seriously. When calculating the amount of income you will need and how long it will last, the one thing that is commonly forgotten is medical costs that can occur during your retirement years. While Medicare covers a lot of medical expenses, it does not provide coverage for long term care expenses. The average cost of long term care in South Carolina is $75,000 a year to stay in a nursing home, and $45,000 a year for in home care. These numbers quickly add up after a few years and could cause your nest egg to deplete a lot faster than planned.
As you approach the age of fifty, everyone should have the conversation and start planning on how to protect against the possibility of a long term care situation. Long Term Care insurance (LTCi) plans are a great solution, but the longer you wait to apply the higher your chances are of being denied a plan due to health issues that can come up later in life. There are basically 3 options for LTCi today. You have your traditional plans that you continue to pay premiums for until you need the insurance, policies that you only pay premiums for 10 years, and lump sum payment plans. Each of the plans have the same benefit options, but depending on each person's personal situation there can be advantages to go one way or the other.
Traditional long term care is the most affordable route on a monthly basis, but could be an additional unwanted cost in your retirement. Setting up a policy that is paid up after 10 years can give you the protection you need during your retirement, but also alleviate an additional bill during your non-working years. Plus, if the practice pays the premiums, you could qualify for certain tax write offs depending on how the practice is set up.
The last option for LTCi is actually a hybrid product of LTCi & Life insurance. These products give you the option of using a lump sum payment or to pay them on a monthly basis like traditional LTCi. They also work very well for the person who is considering self-insuring for the risk of a long term care situation. By utilizing a portion of what someone has set aside in savings, you could leverage the money to cover most long term care cost, and if you never end up needing LTCi it will pay a life insurance benefit much larger than the initial principle.
As a member of the SCDA you also qualify for LTCi discounts that are not offered the general public. To find out more about these discounts and which plan would make the most sense in your situation, contact one of our endorsed insurance specialists at Withers Crest. You can reach them by phone at 843-732-3304 or clicking on the link below.
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Meet Your New TransFirst Representative
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As the SCDA moves forward, we are working with our endorsed companies for more transparent marketing. Our new TransFirst representative, Andrew (AJ) Johnson, will be your direct contact for switching credit card processors. By working with the SCDA, he takes the legwork out of comparing rates. If you want to see if you can save money by switching to TransFirst, just fax in a copy of your most recent merchant statement to the SCDA at 803-750-1644 or email it to crowleyt@scda.org. His goal is to ensure that making the switch to TransFirst will save you money. AJ has been a cornerstone of the TransFirst® Health division for the past two years, assisting numerous medical/dental offices with increasing both revenue and practice efficiency. He is consistently sought after for his leadership skills and is known for developing strong, long-lasting relationships with clients. AJ is a married father of four wonderful kids.
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As always, contact me at 803-750-2277 with any questions or visit us at www.scda.org
Sincerely,
Mark K. Brown
Director of Operations
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