As people are living longer than ever, the question arises not only of how to pay for longer retirements, but how to ensure that you have enough money or insurance to pay for long-term care that could become necessary many years in the future and last many more. We can help you with this balance.
Statistics tell us that once we reach age sixty-five 72% of us will need some form of Long Term Care and we will need care on average for 3-5 years. This is not acute or short term care for those who need to recover from a fall or a surgery – Long Term Care is defined as a point in your life when you will need care from then on.
So the big question is how do we pay for it? How can we protect ourselves and our assets and our families from the high costs of Long Term Care today?
Furthermore, the need to balance long-term care considerations with your overall retirement goals is just one more variable in an already complex formula.
Good news – there are new solutions that can be offered today.
One important option for many people today is the new Life Insurance offering long-term care protection, this provides flexibility in case you never need care. If you do need care while you are alive the Life Insurance death benefit would be advanced to you to pay for any kind of qualified care services tax free, however if you pass away never needing long term care your beneficiaries would receive that death benefit.
However not everyone can qualify for life insurance, age and health are a factor in life insurance eligibility.
For those who cannot qualify for Life Insurance or want other solutions for long term care there are several other options available today – New Long Term Care Solutions.
The solutions we offer are always “Qualified Long Term Care” plans which means they get favorable tax treatment and offer the best protection for you.
One of the most popular of these new solutions is a plan that gives you a return of your premium (plus some growth) if you never need care – so if you don’t use it you don’t lose it.
In this plan both spouses could use the benefit pool and this plan is issued with simplified “underwriting” – meaning you do not have to see a nurse, draw blood or do any tests. It’s as simple as a 15 minute questionnaire and then a 15 minute cognitive phone interview to find out if you qualify. We also love this solution because it can be used up to age 80.
At Retirement Prosperity Group we are experts at evaluating your overall retirement planning and Long Term Care needs and helping you achieve the important balance to ensure you can achieve your retirement dreams without becoming a burden financially or physically. We help people to live an independent retirement.
Call us today for a complimentary consultation to find out if you qualify for New Long Term Care insurance solutions.
CALL 1-855-SAFE-006 (855-723-3006)
IMPORTANT NOTE: Be certain any long term care plan being offered to you by a broker or advisor is in fact a “Qualified Long Term Care Plan”.