LONG TERM CARE OPTIONS
The single biggest financial risk that we all face is the need for in home, community or facility-based health care that lasts for 90 days or more…this is known as Long Term Care but many STILL don’t know what the term means. The average annual cost for LTC (Long Term Care) Services is now over $70,000. Nursing Home lengths of care are short at 2-2.5 years which means your needs are near $200,000 pretax. Did you know the average Alzheimer’s care situation is now over 8 years? Are you financially prepared to pay for varying levels of care at home or in facilities for a decade?
In recent decades people have purchased traditional Long Term Care Insurance policies to defray out of pocket LTC care costs but more of our clients are now combining Life Insurance with LTC Insurance. The biggest knock against LTC Insurance is that you must pay premiums for as long as you wish to have coverage. There is no guarantee that the insured will ever use the policy should long term care services be avoided by short illness or sudden death
The Life Insurance rider guarantees that premium dollars will be used in some form of benefit…either directly to the insured to help offset LTC costs OR to the named life insurance beneficiary or a combination of the two. Ask us to show you how this works for you…the info graphic may help illustrate some of this.
