Aging and Planning for Possibility of Long Term Care Needs

Aging is inevitable and at some point we may need long term care and need to plan for that care.

There are four main ways to plan for the nursing home liability:

1Self-insure

Meaning, do you have an asset that if converted into an income stream could produce $75,000 – $150,000 of income without depleting principle? If you do, you have the option to self-insure. If you’re not sure, we can help answer that question. If you cannot self-insure, there are other options.

2Traditional Long Term Care Insurance

Simply put, if you need care in the future the insurance company will pay a specific monthly benefit for a specific period of time. We can provide an analysis to determine if this is suitable for you.

3Life with Linked Benefits

This acts as a Life Insurance Policy and a Traditional Long Term Care Policy combination. It pays out if you die suddenly without utilizing a Long Term Care benefit; it pays out as a life insurance death benefit tax-free to your named beneficiaries. However, if you do utilize the nursing home and qualify for benefits it will payout just like traditional Long Term Care insurance will. Either way you or someone else you care about will derive a benefit for the premiums you are paying.

4Specific Trust Planning

Specific Trust Planning can help protect your assets from the nursing home liability. This option can be very confusing and full of misinformation. We can help guide you through the good, the bad, & the ugly of trust planning and what fits for your situation.