Two of the biggest fears in retirement are outliving your money and the effects that a long term care event would have on your assets, independence, and peace of mind. With just a little preparation, planning for an unexpected illness by exploring your options and transferring part of this risk to an insurance company may help you keep your financial and retirement plans intact.
A need for long term care can result from accidents, illness, advanced aging, stroke, or other chronic illnesses. Living a healthy lifestyle means you’ll probably live a long life…and need long term care as you age. An unhealthy life means you’re likely to get sick… and need long term care because of illness.
Pat has provided exceptional customer service to us on several very important issues. He was always expertly prepared when we met and the information she presented was creatively tailored to our personal and financial needs. Pat helped us select the best coverage for our money and we could not have been more pleased with the choices he helped us make. In addition, he engaging, friendly personality always made us feel very comfortable.
Bill and Nina H.
Benefits you receive with a long-term care policy:
WHAT IS LONG TERM CARE?
Long term care is the assistance or supervision you may need when you are not able to do some of the basic activities of daily living (ADL) such as:
Long term care insurance may be of particular importance to:
Families who want to protect their personal relationships by not becoming a burden, protect their lifestyle, and protect their assets.
Retirees and pre-retirees wanting to protect their nest egg and financial independence.
WIDOWS • WIDOWERS • DIVORCEES • SINGLES
Widows and Widowers, Divorcees, and Singles who may not have a partner to care for them or significant assets.
Women who tend to have fewer financial resources due to being out of the workforce to have children and raise a family, and also live an average of 5 years longer than men.
WHO WILL PAY
PRIVATE PAY / FUNDING OPTIONS
Traditional Long Term Care Insurance policies reimburse a policy holder (up to a pre-selected limit) for services to assist them with activities of daily living once they go on claim. You are able to receive care at home, in an assisted living facility, or in a nursing home.
Linked benefit options:
Alternatives to traditional policies that bundle long term care coverage with annuities or life insurance, known as hybrid policies. These options offer a guaranteed payoff whether you need care or not, which has led to their growing popularity.
1. Life insurance can help fund long term care costs in several ways:
2. Asset-Based Long Term Care – these convert an asset into income to pay for long term care needs:
The cost of long term care insurance may be a small portion of what care services may cost you out of pocket. Having a plan for the possibility of a long term care event, allow you and your family to participate in choosing the setting of care and the services.
Let’s create a plan for your future and peace of mind.