Long Term Care Insurance
Long Term Care Insurance is an important protection and planning tool!
Americans are living longer. As we age our reliance on medical care increases and the probability of needing Long Term Care rises.
Studies indicate that the probability of requiring Long Term Care for those over age 65 is almost 68%!
Long Term Care Events can be very expensive! The cost for Long Term Care can easily reach $75,000 to $100,000 or more per year.
. Long Term Care Insurance is not “Nursing Home Coverage.” The typical Long Term Care policy provides funds for care at home, in assisted living or in an accredited facility. This coverage provides the independence to determine the type of care you receive. It gives you the funds to remain in your own home and not be confined to a care facility. You retain your Independence and Dignity. You are not left dependent on family, friends, or the health care system.
Long Term Care Insurance also acts as a hedge or protection for your retirement assets. If retirement assets are utilized to provide for Long Term Care the probability of depleting those assets is greatly increased. Long Term Care Insurance protects retirement assets ensuring their use for retirement needs.
Long Term Care Insurance has undergone tremendous and exciting developments! Insurance companies have introduced innovative new products:
- Some life insurance policies now allow death benefits to be utilized for Long Term Care needs.
- Annuities now can also be utilized for Long Term Care. In some cases 2 or 3 times the value of the annuity to be accessed for long term care.
Changes in tax laws provide generous and innovative tax benefits to businesses and business owners! If you own a small business you need for a Long Term Care needs analysis!
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