Long Term Care

As part of your planning process, it’s important to understand the potential impact of a long-term care (LTC) need may have not only on your ability to reach your financial goals but on your family as well.


Without an extended care plan in place, your nest egg may be the only source of funds to pay for these expenses, affecting those who depend on those same assets for income and ongoing living expenses. And since these costs can exceed $100,000 annually (see localized Genworth long term care cost survey online). Having a plan to help protect your assets and the income they produce while providing needed quality care is very important.


Rarely does one think they will be the one that will need care, but someone turning age 65 today has almost a 70% chance of needing some type of long-term care services and support in their remaining years (www.longtermcare.gov).


How does a person plan for long term care?


Where would you like to receive care, and how would it be paid for?


Keep in mind long term care is not health care. Long term care provides help for you to perform basic daily activities. While it may be difficult to imagine needing such assistance today, it is when the need arises that the real value of having a plan may be fully realized. With extended longevity and the medical advances today – the need for long term care protection is needed more than ever, and the choice of risk transfer plans helps you put in place products that give you access to discounted tax free dollars and services provided by some of the best, largest, and highest rated insurance carriers in the world.


While the question of whether you will need long term care is a difficult one to answer, one thing is for certain: The potential need for long term care is a risk we all face, and its consequences can be substantial on your family and finances.


For many, a blended approach to long term care may work best. Most consumers want to remain in their homes for as long as possible and delay facility care until they need it. While many are utilizing qualified care providers and services, some may prefer the flexibility of choosing whoever and whatever they determine is necessary for care. All the modern insurance policies give you flexibility of choice for care services.


Know your options


There are many misconceptions surrounding how long-term care expenses can be covered. So, the first step in creating a plan is to know what your funding options really are:


1. One such misconception is that health insurance will provide benefits, it DOES NOT cover long term care expenses.


Medicare; it may cover a portion of long-term care costs, but only up to 100 days (only 20 days of full coverage); requires a three-consecutive-day stay in hospital under treatment, as well as other qualifiers that limit benefits.


2. Medicaid: a welfare program that only comes with benefits after you meet the very strict asset requirements (countable assets of $2,000 or less (varies by state)); care may be limited to a nursing home


3. Adult children: some people assume their adult children will care for them later in life, but this can present huge financial, physical and emotional challenges for the children. And we have found most parents do not want this burden placed upon their children – regardless of the child’s wiliness to step into this role.


4. Out of pocket: Using income and savings or selling assets may be an option; however, it may leave a surviving spouse without adequate financial resources or reduce a legacy planned for heirs. We try to make sure each person has the options for best quality of life, not just the first to need long term care services.


5. Long-term care coverage: LTC coverage can be a cost-efficient way to help protect yourself and your assets from the cost of long-term care; the cost of care can exhaust a portfolio of assets quickly, selling investment positions to pay for care can cause taxes, and having to sell in a down market may be detrimental to the true value of the investment. Conservative positions of these assets can lead to negative returns in todays low interest rate environment.


Paying premiums with discounted dollars to a deep pocket insurance company provides you access to large amounts of tax-free dollars for care, and access to care coordination services that can relieve the stress of putting together the long term care plan and putting service providers in place. These insurance carriers can be your service advocate! Giving you peace of mind, quality care, and the ability to continue enjoyment of the family relationship, and security of other assets.


Look through some of our linked brochures and videos. But please schedule a time to virtually meet and discuss long term care products and planning with one of our insurance advisors.


We will discuss these ltc concerns and risk transfer products like;


Traditional stand-alone long term care


Asset based long term care


Life insurance with a long term care rider


Up to 10-20 days (depending on the state of issue)
after you receive your policy, you can return it for
a full refund of the premiums paid.

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It is easy and simple (but so important to you and your loved ones), just email us your request and we will follow-up with the policy review – mypolicyreview@termsavers.com

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3736 Fallon Rd. #312 Dublin, CA 94568