Americans are living longer than ever and facing the important decision of whether to purchase long-term care insurance. Most baby boomers and seniors buy this coverage to protect assets and income, preserve independence and provide quality care…preferably at home. A growing number of younger people are buying it to help their aging parents and protect the heirs.

In general, long-term care protection is most suitable for people with a net worth of $100,000 to $2 million. Those with less will exhaust their assets and qualify for Medicaid; those with more can fund with our alternative asset-transfer solutions.

With over 100 policies on the market-each with different benefits, premiums and qualifications-it pays to comparison shop.

According to respected Money Magazine financial editor, Jean Chatzky, “Your best bet is to get quotes from at least three [insurance] companies.” In addition, you should consider a policy with at least a three-year term-the average time people need care.

Look for a daily benefit that would cover the average LTC cost-in greater Richmond it is $150 per day, or over $54,000 per year. Look for a deductible period (the time before benefits begin) of 90-days. This is catastrophic coverage. Medicare may cover a limited amount up to 100-days maximum; therefore lowering your cost for LTC insurance by as much as 30% per year. Equally important, insist on insurers rated “A” or better by A.M. Best and “strong” by Standard & Poor's and Moody's.

If you'd like to receive three quotes with just one call, Financial Strategies, Inc. will provide them-free of charge. As a member-firm of Long-Term Care Quote-which has been recommended in Kiplinger's Personal Finance, Consumer's Digest, USA Today Weekend, Money Magazine and on NBC's The Early Today Show-will ask for basic information on your age, health and location, then shop-for free-up to 15 top-rated carriers on your behalf. You'll get the three lowest-cost, highest-quality policies for you-and a free personal consultation over the phone or in person.

To request your free information and personalized quote comparisons please call Financial Strategies, Inc., Glenn Yeatts @ (804) 744-8512 Ext. 3,