Long-Term Care Insurance

Initially long term care insurance sounded like a solid plan—buying a policy 5-10 years before retirement while still in good health. You figured that you would pay the monthly premiums and as a result, would be afforded help in the face of retirement-associated costs—such as a nursing home or personal care aides. 

In addition, you hoped this insurance would not only make these expenses more affordable, but also protect your hard earned nest egg. 

long term care

Alternatives to Long-Term Care Insurance

Unfortunately, long term care insurance hasn't worked out the way most people plan. In recent years, policyholders have seen extreme increases in premiums—and some people have had to dip into savings in order to afford them. Others have had to make compromises by limiting the amount of benefits that will cover them—exposing themselves to the risk of paying directly out of pocket. Yet another avenue policyholders have taken in the wake of high premiums has been to abandon their policy altogether. 

Living Benefit Riders

There are other avenues you can navigate to receive the coverage you need. Some insurers have added "living benefit" riders to the life insurance policies they offer. These can offer the necessary coverage for terminal, chronic, or critical illness as well as critical injuries that qualify. In the event of one of these qualifying events, the funds may be accessed. It should be noted that this cannot cover care for an extended period of time, but it does provide solutions. 

Asset-Based Long Term Care

Asset-based long-term care policies can also be considered. By utilizing a foundation of life insurance concepts and annuities, they use existing assets to use to pay for long-term care expenses—only if they are needed. In addition, policyholders won't see an increase in premiums due to underlying tools. They can also have a single or joint contract, along with options to provide coverage throughout your lifetime. 

How Do I Get Started?

Our team can help you navigate these policies to ensure that you get the coverage you need, when you need it, and without sacrificing your savings. Schedule a meeting with our team and we can begin guiding you to a greater peace of mind.