Long-Term Care
Planning for a Long-Term Care event is an often overlooked aspect of retirement planning. People tend to underestimate the cost of care and the likelihood of needing care, yet statistics show that there is a greater than 50% chance that you'll need some form of Long-Term Care.
The Need For Care
Statistics show that there is a greater than 50% chance that you'll need some form of long-term care in the future. If you have not planned for this, then this burden will likely fall on your loved ones.
The Risk of Self-Insuring
You might be fortunate enough to be able to self-fund any long-term care need. Yet, we typically underestimate the actual cost of care when the time comes. If you want to leave a legacy behind, long-term care costs can eat up some or all of your savings. With the Pension Protection Act of 2006, many long-term care solutions today offer not only protection of your legacy but also significant tax-free leverage for the assets you set aside to cover this need.
Latest Cost-of-Care Statistics
Genworth's annual cost-of-care survey results
Report Available for Download (pdf)
DownloadTypes of Long-Term Care Solutions
Traditional Long-Term Care Insurance
Traditional Long-Term Care Insurance
Traditional Long-Term Care Insurance
Traditional Long-Term Care Insurance is a type of health insurance that will pay a fixed amount per day or per month towards long-term care costs.
Since it is health insurance, premiums are not guaranteed to stay the same. If you never need the care you typically do not get your money back.
Asset-Based Long-Term Care Solution
Traditional Long-Term Care Insurance
Traditional Long-Term Care Insurance
Asset-based Long-Term Care is a customized life insurance or annuity (or combination) plan that is designed to leverage your investment into a maximum benefit for long-term care. These plans have stated guarantees so there is no guessing what the benefits are, and unused funds typically can pass on to your beneficiaries.
Short-Term Home or Facility Coverage
Traditional Long-Term Care Insurance
Short-Term Home or Facility Coverage
While not considered actual long-term care coverage, these policies are becoming increasingly popular due to the lower cost. This type of plan will cover a short time in a nursing home (usually 12 months) and also a short time for care at home (also usually 12 months). These are a great affordable alternative to having nothing at all.
Long-Term Care 1 Episode
Long-Term Care 2 Episode
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*DISCLOSURE: Investment Advisory Services are offered through American Elite Advisory, a fee-only Registered Investment Adviser. Rothrock Financial Group also offers commissionable insurance products, such as annuities, life insurance, and health insurance. Because Rothrock Financial Group offers these products and earns a commission, there may be a conflict of interest. These products are not affiliated in any way with American Elite Advisory. Nothing on this website should be considered investment or tax advice. Any insurance quotes given are subject to change without notice. We are not connected with or endorsed by the United States government or the federal Medicare program in any way.
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