Long Term Care - Why Does it Matter

With today’s population living longer, there is a 70 percent chance of all people over the age of 65 needing long-term care.  The question is not if we will need the care, but how we will pay for it when we do.  The average cost for just one year in a nursing home is about $80,850, and 75% of all single people and 50% of all couples spend their entire life savings within one year of entering a nursing home.

Long-term care carries more than just a financial price tag. There is a high emotional price that is often paid by the family members.  Oftentimes those needing care do not wish to have their friends or loved ones assisting with private activities of daily living such as bathing and toileting.  Long–term care insurance can provide professional services so dignity, independence and pride are retained.

How Do I Pay for Long Term Care?

• ·         Out of pocket from savings and investments
• ·         Rely on friends and family
• ·         Rely on government programs such as Medicare/Medicaid
• ·         Purchase long term care insurance

What are Long Term Care Insurance Options

• Traditional long term care insurance
• Hybrid Solutions – Whole life insurance in combination with long term care insurance

What are Hybrid Solutions?

• ·         They combine whole life insurance with provisions for long term care benefits to be paid up to amount of death benefit
• ·         They guarantee benefits for long term care and/or life insurance payout
• ·         They offer return of investment or premium options
•       The hybrid option offers a WIN...WIN...WIN...benefit.  You get more "bang" for your dollar from the LTC insurance if needed.  There is even an option to purchase an LTC policy with qualified money from IRA, 401K or pension acounts.  Many options are available to fund this form of insurance protection.

I am an expert in helping clients plan for their future care and financial stability.  I can help you make sure you will be comfortable and secure if and when you need care.  Call me and let’s talk.

Life Changes. Plan for the Unexpected,

Donna

Are You a Business Owner?

If you are a business owner, take a look at this video.  You never know how important being able to cover your assets is when something happens.




Optimum Insurance Group can help you find peace of mind.  Call me for an appointment: 251-401-5243 or visit my website.

Life Happens.  Plan for the Unexpected,

Donna

Are You Prepared for the What Ifs?

Do You Know the Financial Benefits?

There are so many “what ifs” in life.  What if you have an accident?  What if you are unable to work?  What if someone you love dies?  What if you die?  What if you begin to need help as you get older?

These are things no one likes to think about.  But how many stories have your heard of someone who was not prepared being struck by tragedy?  That tragedy then becomes amplified and the struggle greater. 

The good news is that this is preventable.  And in being proactive, there are often financial benefits for you and your family.  Here’s an example:

Thinking about buying life insurance policies for your kids is almost unthinkable.  But it is necessary to think about it.  And a benefit to having a policy for your kids and then not needing it – because that is every parent’s hope – is that when they grow up, that policy could provide a down payment on a house.  It could give them a launch into adulthood with a leg up.

Another example:

Often when thinking about long-term care insurance, people hesitate because they think the only option is a “use it or lose it” plan.  They don’t want to buy insurance they may never need.  But this is not true!  With today’s hybrid policies, you have three options:

·         Live – And use the benefits

·         Quit – And in some cases get your premium money returned

·         Die – And your beneficiaries receive a death benefit TAX FREE

Love Your Families – Make Sure They Are Covered

Life Happens.  Plan for the Unexpected,

Donna

Have You Considered a Permanent Life Insurance Policy to Benefit Retirement?

Here's an Idea!

Is too much of an IRA a bad thing?

A large IRA sounds good, but it may be too much of a good thing. The larger an IRA balance grows, the greater the retirement debt that will be owed in taxes.  Ed Slott

Many people do not realize the benefit of life insurance as it relates to the tax code.  Life insurance is the single biggest benefit with regard to taxes.  There is no reason it should not be considered when planning both your estate and your retirement. 

One plan option for large IRA accounts is to move that asset to a permanent life insurance policy. 

Please take a moment to review the article by Ed Slott here: Ed Slott Article 

Optimum can help you to review your assets and help you formulate a plan that will both protect you and benefit you. 

Life Changes. Plan for the Unexpected,

Donna

Kiristen Draughn's Story

New Baby? College Student? New Home? Are You Covered?

September is Life Insurance Awareness Month 

Life Changes. Are You Covered? 

One in three households would have trouble paying immediate expenses if the primary wage earner died. At this rate, many of us would fall into the category of not having enough life insurance. Can you imagine how it would feel to grieve a loved one and have to worry about making ends meet?

As much as we don’t want to think about it, death is a certainty for all of us. The good news is that struggling to pay expenses after the death of a loved one is an avoidable problem. Taking the time to conduct a yearly review of your life insurance policy can bring you peace of mind knowing that when the time comes, your loved ones will be secure.

Take a minute to answer the following questions:

• Do you have a new spouse?
• Do you have a new baby?
• Do you have a college student?
• Have you moved or bought a new home?
• Do you own a business?
• Do you care for aging parents?

Since Life Insurance Awareness Month is in September, we are scheduling complimentary appointments to ask these questions, review your policies and make sure you know you have the coverage you need. It is a brief appointment and well worth the time to give you security for your family. Please call 251-401-5243 to make an appointment or click here to send an email. We have also installed a quick life insurance calculator to give you a snapshot of what you need. Click here to use the calculator.

Danica Patrick on Life Insurance

Watch Danica Patrick's personal story about life insurance: Contact Donna for a Life Insurance Check Up Now! Click here to sign up!

Welcome to Optimum News!

Life Changes. Plan for the Unexpected

Welcome to Optimum News, a newsletter designed to provide up-to-date industry information so that you can make the best insurance decisions for your family and your business.

Donna Dorriety, Principal at Optimum Insurance, wants to make sure that her clients keep abreast of any changes, updates or options in the insurance industry. She recognizes that all people are unique and have their own one-of-a-kind needs when it comes to insurance coverage. She also knows your needs will evolve over time as your family grows and changes. From getting married and having children to aging and illness, life does not stand still. Donna will meet with you to analyze your specific situation so that she can customize a plan that is tailor-made for you. As your life changes, we will follow up to review your insurance coverage and make periodic adjustments to provide you with a winning solution at every phase of life.

We will provide news and updates about:

· Long-term care insurance
· Life insurance
· Income Replacement Protection/Disability insurance
· Home, Auto, Umbrella, Flood and Scheduled Items insurance
· Group Benefit policies

Please take a minutes to visit our website services page to see how we can assist you. Stay tuned for our special issue for Life Insurance Awareness Month in September!