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“Long-term care costs are the black hole of retirement planning.”

                               Money Magazine online article by Phil Moeller 2-10-15

Did You Know??

Many people mistakenly think they’re already covered, but they should think again.


Disability Insurance only replaces your income and ends at age 65, and health insurance rarely provides more than a 30-day skilled care benefit.  


Consider your options:

  • Medicare only pays for a limited duration and does not cover the majority of long-term care services that most people need: such as assistance with bathing, dressing, and eating.


  • Medicaid is for those who are of limited income and assets which must be spent down in order to be eligible. In addition, approved facilities and the quality of care can be unpredictable.


  • Self Insuring might make sense for those with substantial assets, but consider the following:

- Self-funding for one spouse might deplete the assets that the other spouse may need for living expenses, or for their own long-term care needs.


- Liquidating assets to pay for long-term care services may trigger capital gains tax, income tax, and surrender charges.


- There’s no guarantee that you will have the 10, 20 or 30 years to save enough to pay for the care you’ll need.

  • Long-Term Care Insurance – By taking a portion of your income today to protect your retirement savings tomorrow, you can leverage your money so that you have the freedom to travel, to spend time with family, or just enjoy your life without the worry of wondering if you have saved enough for care.  More importantly, your loved ones won’t have to sacrifice their time, energy, and earnings to care for you.


  • Asset-Based Long-Term Care Plans -.For those who are concerned that they may never need long-term care, asset-based policies provide the greatest flexibility.  By linking long-term care insurance to a life insurance policy or an annuity, a benefit is received is whether or not long term care is ever needed.


  • Short-Term Care - For those who can’t health qualify for traditional long-term care policies, short-term care insurance may be an option.



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