Long Term Care
While it may not seem like a possibility when you’re young and healthy, illness or disability could strike at any time, whether for medical reasons or due to external forces not in your control.
As you get older, the chances that you may require long term care (LTC) increase, and your family may not be able to sustain or support the medical bills, professional care and other expenses associated with LTC. Long term care is usually very expensive, and can be as high as $100,000 a year, or even more.
The good news is that you can plan for any contingencies or even simple old age with an insurance plan that covers LTC. Most of the time, long term care is needed in advanced years, so with a well-planned insurance policy, you can safeguard your money and arrange for your care right now.
LTC insurance is a basically a form of coverage that is included in a comprehensive insurance policy, and provides for nursing home care, day care center, home care and any other recurring expenses that you would need after the age of 65, or in case of unforeseen reasons. Other than age, these reasons could include accidents, Alzheimer’s, chronic or disabling medical conditions, etc.
With our comprehensive policies, you can avail long term care at your home or at any assisted living facility easily, when you need it. There are a few things to consider when you are shopping for policies that cover LTC, e.g. if you transfer financial assets to your family or beneficiaries, you would not be able to get immediate Medicaid payments for long-term care.
If you are not aware of the policies that pay for long-term care and or need more details on how these plans work, contact our executives for answers today.
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Asset Care
Since the cost of long term care is so high, most people worry about how their family will support them when they are older, or whether their loved ones will be left in a financial quagmire if unexpected accidents or medical conditions lead to the need for LTC.
Asset care is a form of whole life insurance that also covers qualifying long-term care for old age, disability or medical conditions. It gives you access to 100% of the death benefit value for qualifying LTC expenses, which are paid monthly, thereby saving your assets from the risk of being affected by long term care costs.
Asset care is available in three basic variants:
- Asset-Care I – Whole life insurance with a single premium
- Asset-Care II – Non-qualified annuity and whole life insurance with 20 premiums
- Asset-Care III – 20-pay whole life insurance and IRAs
- Asset-Care IV – Whole life insurance with 10–20 pay limited and continuous premiums
In addition to the monthly payouts for LTC, you still receive the assurance of death benefits for your beneficiaries and assured cash value growth. Asset care policies can be purchased with a single one-time premium or annual premiums if you prefer, available as a single or joint insurance plan.
With a one-time payment, you can receive complete coverage – long term care if and when you need it, a death benefit payable to your estate in case you die, or all your money back with some interest if you quit the plan along the way. You could also opt for a non-cancellable policy, which will offer life-long long term care benefits or joint life insurance that offers a second-to-die death benefit for you and the joint policy holder.
You can invest in asset care with returns from CDs, IRAs, mutual funds, annuities, savings, money markets, as well as other qualified funds. Riders are also available which can provide guaranteed premiums with lifetime LTC benefits extension or increase base LTC benefits with inflation protection. If you’d like to learn more about the details and all the options available, call us today.
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