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
