Suze Orman: Funding Your Long-Term Care Insurance

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Published: Apr 4th, 2017
Suze Orman: Funding Your Long-Term Care Insurance
Article Updated:September 2nd, 2020

Suze Orman has been called "a force in the world of personal finance" and a "one-woman financial advice powerhouse" by USA Today. A two-time Emmy Award-winning television host, New York Times mega-bestselling author, magazine and online columnist, writer/producer, and one of the world's top motivational speakers today, Orman is one of the most recognized experts on personal finance. She is also a big believer in planning for the financial costs and burdens of aging.

For a very long time, she has promoted the need for having a long-term care insurance policy. These plans are very affordable, especially if you are in good health and younger. However, new products exist where you can move existing money and have both a plan for long-term care and get your money back if you are lucky enough never to require extended care. These are called asset-based or "hybrid" policies.

Suze discusses these plans here

Several Types of Long-Term Care Insurance Exist

No matter what type of plan you get, a traditional LTC insurance policy, a partnership policy with additional dollar-for-dollar asset protection, a hybrid plan like Suze wrote about, or even smaller "short-term" plans, having an affordable way to address the physical, emotional, and financial burdens placed on the family is essential to your future retirement plan.

Affordable Long-Term Care Insurance plans will protect your savings and provide peace-of-mind. You will have the knowledge that you will never place a burden on your family. 

Ideally, plan before you retire as you have the most options available. Long-Term Care Insurance is medically underwritten, so you can't wait until your health changes to obtain coverage. 

Always work with a specialist in Long-Term Care Insurance. Most insurance agents and financial advisors don't have the expertise or experience in this area.

Find a trusted and qualified specialist by clicking here.

About the Author

An LTC News author focusing on long-term care and aging.

Editor's Note

Most people dream about retirement. A successful future retirement requires advance planning. In addition to saving money in your 401(k), IRA, SEP, and other accounts, you must plan for the financial costs and burdens that come with aging. Caregiving is hard on loved ones and paid care will drain assets and adversely impacts income and lifestyle. 

Specialist Helps You Find the Right Solution

No matter which type of plan you purchase, Long-Term Care Insurance is easy, affordable and rate stable income and asset protection. These policies are custom designed. Be careful, however, since premiums can vary over 100% between companies for the exact same coverage. This is why you should seek the help of a qualified Long-Term Care Insurance specialist. Find a specialist by clicking here.

Most people dream about retirement. A successful future retirement requires an advance plan. In addition to saving money in your 401(k), IRA, SEP, and other accounts, you must plan for the financial costs and burdens that come with aging. Caregiving is hard on loved ones and paid care will drain assets and adversely impacts income and lifestyle. 

Specialist Helps You Find the Right Solution

No matter which type of plan you purchase, Long-Term Care Insurance is easy, affordable and rate stable income and asset protection. These policies are custom designed. However, be careful since premiums can vary over 100% between companies for the same coverage. 

This is why you should seek the help of a qualified Long-Term Care Insurance specialist. Find a specialist by clicking here.

Items to Discuss with a Long-Term Care Specialist:

  • Partnership – Most states offer special policies that provide dollar-for-dollar asset protection. The Long-Term Care Insurance Partnership Program might be one of the best-kept secrets in retirement planning. Make sure the specialist explains this program and how it might help you.
  • Tax incentives – There are federal tax incentives available for some people. If you own your own business, be sure to ask.
  • Health Savings Accounts – If you have an HSA you can use the pre-tax money in your account to pay for the premium.
  • Asset-Based or Hybrid policies – These are life insurance or annuities with a rider for long-term care. Careful, only a handful are actually a long-term care benefit. However, one of these policies can provide you with the flexibility of both a long-term care benefit or a death benefit. They are expensive but can be paid with a single premium.
  • Health and Family History - Make sure the specialist asks you detailed questions about your health, family history, and retirement plans. Underwritingcriteria vary with each insurance company. If they are not asking you detailed questions then find another specialist.

Cost of Care Calculator is Outstanding Planning Tool

Take a moment and find the current and future costs of long-term care in your area. This will help you decide the amount of coverage is appropriate for you in your situation. For example, if you have a defined pension when you retire, the total amount of benefits you would need for long-term care would be less than an individual who will fund their future retirement with earnings off investments. In that case, protecting the principal is essential since that will produce your future income.

Use the LTC NEWS Cost of Care Calculator by clicking here.

It is always best to start planning before you retire. Once you have your plan in place you will enjoy peace-of-mind and your family will thank you decades from now.

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LTC News Contributor James Kelly
James Kelly

Contributor Since
August 21st, 2017

LTC News author focusing on long-term care and aging.

About the Author

LTC News author focusing on long-term care and aging.

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