You & Your Family
Savings & retirement takes work, so now is the time to start securing it.
- Are you concerned whether you will outlive your income and savings?
- Or, are you potentially going to be a family member’s caregiver?
- Or, even need professional care-giving?
During a review of your financial strategy, we will look at defining what you value in your life, defining the goals that can secure your income and wealth, and prioritize for today and tomorrow.
Planning for a life-changing event such as declining health or a sudden medical crisis is difficult. There are unexpected costs and other demands that go with caring for a love one’s healthcare. With an advocate or caregiver, you can get plan for assistance with getting to doctor appointment or help with daily errands and other household duties.
Despite today’s advances in medicine that allow people to live longer than ever before, events happen that may prohibit you from maintaining the independent lifestyle you enjoy and preserve your financial resources and income. Now is the time to purchase a Home-Health Care (HHC) plan and, later, a Long-Term Care (LTC) Insurance plan to improve and protect your future financial outlook.
Together, we can demystify the perception of cost of insurance versus the cost of care, and work together for the “right” fit for your budget, life style and quality of life.
Here are several income saving options that can provide guaranteed lifetime income, long-term care benefits or offset the additional cost of assistance in your home, assisted living community and nursing/memory care services:
Several years ago, my sister volunteered to leave her job in order to take care of our elderly aunt. She quit her job and graciously stepped into the role of caregiver and provided quality care for our Auntie Anne. My sister never asked for any money and it was truly a labor of love.
After our aunt passed, we realized the financial & personal that was required to pay for her healthcare. Though it was worthwhile, there had to be another way.
In order not to burden my family and to provide myself with the same quality of care that my Auntie Anne received, I decided to start planning for my long-term care. As a result, I purchased Home Healthcare coverage as well as Long-Term Care Insurance. The combination of the two will allow me to be cared for in my home by a qualified caregiver. I will be able to maintain my independence and a better quality of life, as I grow older.
It is my realization that the longer I live the probability of needing assistance increases. Long-Term Care coverage will give me a “Peace of Mind” in knowing that I will be able to afford the care that I may need.
For me, I now understand that Long Term Care Insurance is extremely valuable to everyone’s future.
*Scroll to the right to see the rest of the chart if you are on a mobile device.
|Long-Term Care Insurance Options|
|Traditional||Non-Traditional||Short-Term Care||Immediate Funding Annuity||Disability||Life Settlement|
Asset-Based policies – Convert or 1035 Exchange Funds from CD’s, Money Market, 401k, 403b, IRA to:
- Traditional – Home Health Care (HHC) & LTC
- Establish a set monthly benefit with various enhancement options and a set duration
- Non-traditional – combination of Asset-Based/Life Insurance with LTC rider
- Hybrid-Asset-Based/Life Insurance with Long Term Care Rider
- Payment options: Single Premium payment or pay over a set period
- Short Term Care Insurance – for 360 days or less
- Home-Health Care (Assistance in the home)
- Long-Term Care (Home Care, Assisted Living, Memory Care & Nursing)
- Immediate Care Funding – Guaranteed Monthly Income for Life for use:
- Living Expenses
- Medical Expenses
- Cost of Long Term Care
- Any Purpose
- Disability Insurance – coverage during the working years
- Income Replacement (up to 60%) up to age 65/67
- Life Settlement – Convert policy for Immediate Funding
- Cash for Existing Life Insurance (Term, Universal, Whole and Group)
- In-force life insurance policy exchange for Living and LTC expenses
1 Genworth Life Insurance, Income Assurance Immediate Need Annuity 2017