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Published: Oct 10th, 2018

Innovations in Long-Term Care Planning Provide Affordable Asset Protection

Innovations in Long-Term Care Planning Provide Affordable Asset Protection
Article Updated:October 14th, 2019

A major insurance company’s announcement of a new product is reflective of the public’s keen interest in planning for longevity and the impact it has on their savings and their families. Interest in Long-Term Care Insurance products has never been greater. Thousands of consumers go to the internet and search “Long-Term Care Insurance” Long-Term Care Insurance quotes” and “How much does Long-Term Care Insurance cost?”.

The reason is simple. More American families see first-hand the impact long-term care has on loved ones. Most people understand their health insurance or Medicareor Medicaresupplements will not pay for the majority of these costs. Thus, the burden of long-term care is placed on a family or their assets, often both. While many people hate the idea of buying an insurance policy, Long-Term Care Insurance has been very effective is paying for quality care either at home or in a facility. In 2017, the major insurance companies paid over $9.2 Billion in benefits to American families. Much of those benefits came in the form of care at home.

Economic Growth Means Long-Term Care Planning is Essential

The past few years we have seen a surging economy. The preparation for a future successful retirement is high on many people’s agendas. Planning to protect those savings becomes vital. Today’s Long-Term Care Insurance is very affordable and rate stable with policies today being designed under new regulations. Today’s Long-Term Care Insurance also offers many innovations including shared spousal benefits, partnership plans in most states which provide additional asset protection, various inflation options, case management and more. Plus, tax-incentives exist for some people and businesses in addition to the ability to pay premiums from Health Savings Accounts using pre-tax money.

Read more by clicking here.

Key Questions Many People Ask

  1. When should I purchase a Long-Term Care Insurance policy?
  2. How much does a Long-Term Care policy cost?
  3. Are there health requirements in order to get a policy?
  4. What discounts might be available?
  5. Could I just invest my own savings and pay for care in the future with my own money?
  6. Can premiums go up?
  7. Is there a death benefit if I am lucky enough to never require long-term care?

These are questions you should get answered when you speak with a qualified Long-Term Care Insurance specialist. While most people today start looking for Long-Term Care Insurance in their 40s and 50s, you can find affordable coverage in your 60s if you have good health. There are some plans if you are older, but it is always less expensive and easier when you plan before you retire.

Today's Long-Term Care Insurance is Actually Very Affordable and Rate Stable

Premiums are very affordable for most people, especially if you have good health and you are younger. Usually, the estimates on the internet are much more expensive than they are in reality. This is why you should work with a Long-Term Care specialist. An experienced specialist, who represents the major companies, will be able to design an appropriate plan and shop your age and health to find the best coverage at the best value.

Having an insurance policy for long-term care in place will also be less expensive and more beneficial than trying you use your own money. Tax incentives and partnership plans provide additional benefits. A Long-Term Care specialist can review these options with you so you can design a plan that meets your needs and fits your budget.

An Old Annuity Can Be Turned Into Tax-Free Long-Term Care Benefit

If you have an old annuity or life insurance policy with a cash value you could exchange the policy to a long-term care plan tax-free. This way you use money already in an existing policy you may no longer need and get the desired long-term care benefit without paying any additional premium. Don't wait until you need care, do this right away and get the most out of an old annuity.

Hybrid Plans with Death Benefits

There are a number of plans with death benefits. Some premiums on plans can never go up and others, under new rules, make it very difficult to raise premiums in the future. Again, a Long-Term Care Insurance specialist can review these options with you.

Most financial advisors and general insurance agents are not well-informed with these plans, underwriting, partnership benefits, and claims. Find a qualified Long-Term Care Insurance specialist who has substantial experience and works with the major insurance companies by clicking here.

You should start your research by finding the cost of care in your state and the availability of partnership plans and tax-incentives. The LTC NEWS cost of care calculator will help you research the current and future cost of care services. Click here to seethe calculator. 

Long-Term Care Insurance will safeguard your 401(k), IRA, SEP, 403(b) and other assets in addition to reducing the burdens extended care places on your family members.