Believe it or not–someone turning 65 today has almost a 70% chance of needing some type of long-term care (LTC) service.1 When you think about it, the odds of being in a nursing home are a lot higher than totaling your car or losing your home to a fire. The cost of care planning is rising, and our population is aging, living longer, and costing us more. While long-term care insurance is one way to fund care planning expenses, it’s not the only option:
- Annuities. Although among the least-used insurance products for LTC benefits annuity-LTC products deliver a lifetime income stream that increases in the event of an LTC need. It’s suggested that pure LTC products are best, but if you’re declined LTC by an insurer, annuities can serve as a healthy backup.2
- Life Insurance. Whole, term, or universal life insurance can all be converted into an LTC account. During this conversion, the policy ownership is transferred to an entity that acts as a benefits administrator, who takes on the responsibility of premium payments.3
- Qualify for Medicaid. Under the reality that many Americans are simply living longer, this strategy becomes more viable the closer you are to running out of money. The government assesses income and asset levels when deciding who qualifies, so once total assets are low enough, Medicaid will kick in. However, it should be noted that private insurance will likely provide a better quality of life.4
The secret to getting the care you’ll most likely need for the future? Planning today. Call us and we can help you find the best LTC option(s) that best suited for you.
This document is for educational purposes only and should not be construed as legal or tax advice. One should consult a legal or tax professional regarding their own personal situation. Any comments regarding safe and secure investments and guaranteed income streams refer only to fixed insurance products offered by an insurance company. They do not refer in any way to securities or investment advisory products Insurance policy applications are vetted through an underwriting process set forth by the issuing insurance company. Some applications may not be accepted based upon adverse underwriting results. Death benefit payouts are based upon the claims paying ability of the issuing insurance company.
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