Long Term Care Insurance that You DON’T Pay for if you don’t use.

I’m Steve Shyman, at Wilsave, we are Specialists in Safer Money Strategies. Let’s talk about Long Term Care, what it costs and how to protect yourself with a policy that YOU DON’T HAVE TO PAY FOR if you don’t use it. 

It’s a sad fact that many of us will someday need some kind of long term care. We would all love to have long term care insurance, but many never get it because it’s expensive, the rates can go up unpredictably and if you don’t use it, you lose it. If you do need it and don’t have it, then your assets can be in serious trouble and even more importantly, you may not be able to get the kind of care that you want. No one wants that, so Let’s understand why we need it protection, what the costs of long term care are and what better options can be.

The duration and level of long term care will vary from person to person and often change over time. Here are some statistics (all are are on average) you should know: Someone turning age 65 today has almost a 70% chance of needing some type of long term care services and supports in their remaining years. Women need care longer (3.7 years) than men (2.2 years) One-third of today’s 65 year-olds may never need long term care support, but 20% will need it for longer than 5 years.

The facts may surprise you. It is important to clearly understand what is and what is and what is not covered. The facts we are about to discuss are as of 2016.

Medicare:

Only pays for long term care if you require skilled services or rehabilitation care.

In a nursing home for a maximum of 100 days, however, the average Medicare covered stay covered stay is much shorter (22 days). Generally, long term care services are provided only for a short period of time. Does not pay for non-skilled assistance with Activities of Daily Living (ADLs), which make up the majority of long term care services.

You will have to pay for long term care services that are not covered by a public or private insurance program with your own money out of pocket.

Medicaid:

Does pay for the largest share of long term care services, but to qualify, your income must be below a certain level and you must meet minimum state eligibility

Such requirements are based on the amount of assistance you need with ADLs

People who pay for nursing home care out of their own pocket can expect to spend between $25,000 and $50,000 per year and more in charges.

Homemaker Services @$45,000/year

Home Health Aide @ $45,000/year

Adult Day Care @ $ 17,000/year

Assisted Living Facility @ $45,000/year

Nursing Home @ $ 62,000/year

Paying our of pocket can quickly drain your savings. Let’s discuss what may be a more viable option. There are certain annuities today that are especially built to give those without long term care what they may need. Coverage that if you don’t use, you don’t pay for. This can go along way in getting you the care you need, giving you the peace of mind and asset protection that you need.

Although there are different flavors, lets talk about the features of one product that I frequently use.

Here is how it works.

You open up the account with an annuity company.

Your money sits in a guaranteed annuity contract where all of your principal and interest earned is contractually guaranteed against loss.

The money on deposit earns interest.

If you never use the product for long term care, all of your principal and all of the interest earned is available to you after the surrender period as well as available to your family upon death.

This means that if you do not need to use the money for long term care, all of the money stays with you and in your family line

If you get sick and need care, at this time, the policy may blossom to provide for your needs.

In order for it to blossom, after the typical 90 day elimination period, you will have to have a doctor verify that you have lost 2 out of 6 of your ADLs or Activities of Daily Living.

These 6 ADLs are:

Eating

Dressing

Bathing

Toileting

Transferring (Walking)

Continence

If you don’t need to use the money for care, you can get all of your money back plus interest at the end of the term. You can also keep it there to keep the contract in force. If you die never needing it, your heirs will get all of your principal plus interest upon death.

Whatever you put in triples if you need it. $50,000 becomes $150,000. $100,000 becomes $300,000 and so on. The benefits paid to you will be spread out over 6 years. A one time refundable deposit could cover years of costs, protect your assets and get you the care you need. If you do need care, the policy can cover many things, for example: Home Health Care, Assisted Living Facility Care, Alternative Care Services, Nursing Home Care, Personal Care Services, Respite Care, Homemaker Services, Hospice Care, Adult Day Care

If you do need it, your money on deposit triples to help pay your bills so that you don’t have to empty your other accounts to do so. This benefit is totally tax free, can protect your assets and get you the care you need at a fraction of the cost.

If you don’t use it, you can get all of your money back plus interest earned after the commitment period.

It’s easy to see how beneficial that a policy like this can be. It helps you manage the risk of bleeding your assets if you need long term care. And again, If you don’t use it, you can get all of your money back plus interest earned after the commitment period.

To see how an “Long Term Care Annuity” would work for you,Please contact us at 312-953-2097, send me an email at steve@wilsave.com, or fill out the meeting request form at www.wilsave.com There is no charge for our no obligation consultation.

This presentation does not take into account your particular investment objectives, financial situation or risk tolerance and may not be suitable for all investors. Investments and/or investment strategies involve risk including the possible loss of principal. There is no assurance that any investment strategy will achieve its objectives. All mentions of safe money are in reference to insurance products which may be subject to caps, restrictions, fees and surrender charges as described in the contract and are backed by the financial strength and claims paying ability of the issuing insurance company. Investment advisory services offered through Brookstone Capital Management, LLC (BCM) A SEC registered investment advisor. BCM and Wilsave are independent of one another. Not endorsed or approved by the Social Security Administration or any other Government Agency.

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