https://www.retirementplanningscottsdale.com/ Anil Vazirani asks: “How can you pay for long-term care?”
There are several options:
Nearly 50% of Americans turning 65 today will require long-term care. It’s a fact that life expectancy and the cost of care has gone up, so long-term-care policies will be a necessity for many.
There are a few insurance options: traditional long-term-care insurance, and life insurance policies, and annuities with long-term-care features.
Traditional LTC insurance is a stand-alone policy that specifically provides benefits for long-term care if needed. This insurance delivers LTC benefits at the lowest cost and can offer inflation protection.
You can use traditional LTC insurance if you have a tolerance for a potential increase in premiums, and if they don’t have a life-insurance need.
Many have gone to more of a combined life insurance-LTC plan. Policyholders get a long-term-care benefit while living, but can also surrender the policy for some of their premium or provide heirs with a death benefit. And, premiums and benefits are guaranteed.
Annuities are popular because they deliver a lifetime income stream, and increase that income in the event of a long-term-care situation.
What if you need long term care?
How much is long term care?
Is long term care insurance affordable?
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