Long Term Care Insurance


Long Term Care Insurance

“To have a person there for you is HUGE. We want to be HUGE for you. Just Ask!”

How will you pay for long-term care?

Because of our vast experience helping seniors find ways to pay for in home, assisted living and nursing home care we know that many are in danger of losing everything the last few years of their lives. How can you be prepared?

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Long Term Care Insurance

“To have a person there for you is HUGE. We want to be HUGE for you. Just Ask!”

Medicare DOES NOT pay for long term care. This is a popular misconception. 70% of those over 65 years of age will need some type of long-term care. This long-term care can be administered via in-home, assisted living or nursing home care. How will you pay for it? Many times seniors will lose everything paying for the high costs of long-term care. Those with long-term care insurance can shield their assets while having the income and insurance proceeds to pay for in-home, assisted living and nursing home care. There are many different types of policies that one can acquire. We can assist in finding the right policy for you. Contact us today for a FREE review.

Traditional Long Term Care Insurance: Traditional long term care insurance allows you to activate an additional income stream in the case of a long term care need such as in-home, assisted living or nursing home care. You pay a monthly premium for this policy.

Life Insurance with a Long Term Care Rider: This is a type of policy that is a hybrid between life insurance and long term care insurance. A hybrid policy will allow you to create a whole life life insurance policy that will pay a death benefit as well as to cancel at any time. This type of policy will have a period of time the insurance company would like you to hold the policy. This period is generally between three (3) to five (5) years. During this period you may cancel the policy for a small cancellation penalty. At the end of the three (3) to five (5) year period you may cancel without incurring a cancellation penalty. You may also have beneficiaries that receive the death benefit in case of your passing. These policies can also be created to be shared and used by a married couple. After the three (3) to five (5) year period the policy will pay up to several times the amount invested in the policy towards long term care. This can be a HUGE benefit and could be viewed as multiplying your money to pay for long term care while having the added benefit of not depleting your retirement and other assets.

Can I use my IRA or 401(k) money to pay for Long Term Care? YES YOU CAN! There are policies available that allow you to use pre-tax/qualified funds to fund a hybrid policy. This can be a huge advantage to many out there who have a large amount of assets tied up in traditional retirement accounts. This can literally multiply your retirement funds to use towards long term care.

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