Long Term Care Insurance & Other Options
Why consider long-term care planning?
• do you believe you are going to live a long life?
• do you think if you live a long life that you will ever need care?
• do you know the emotional consequences it would have on your family?
• do you know the physical consequences it would have on your family?
• do you know the financial consequences it would have on your family?
• do you know that it can cost $100,000 per year for care?
• do you know that you would have to pay with your income?
• do you know the effect it would have on your retirement portfolio?
• do you have money allocated in your portfolio to pay for care?
• do you have a plan to pay for an average of 3 years of care?
• do you know that without insurance you are self-insured?
Long term care financing options:
1) Self-insure: you pay for care yourself out of savings, retirement income & investments
2) Medi-Cal state aid: Medicaid/welfare health care
3) Family care: family provides care or pays for care.
4) Long term care insurance.
5) Linked benefit plans (life insurance w/LTC, annuity w/LTC)
Long term care funding options:
• Standard long-term care insurance
This is the most common LTC policy.
There are a number of companies selling this policy.
This is underwritten, you must health qualify.
Get a quote for a standard LTC policy.
• Partnership for Long Term Care Insurance.
Partnership policies cost the same as standard policies.
Partnership is similar to a non-partnership policy with additional benefits to the consumer with lifetime asset protection from Medi-Cal as the main benefit.
More about partnership long-term care insurance
Get a quote for a Partnership LTC policy.
• Shared Benefit Policies
The Shared Benefit rider provides additional funds if one spouse uses up their lifetime benefit.
If one partner dies, the survivor inherits the remaining benefit dollars.
Get a quote for a Shared LTC policy.
• Linked Benefit Plans
Whole & Universal Life Insurance with Long Term Care Rider
These are life insurance policies with the addition of a long term care rider.
The premium
can be single,
multi-year,
or lifetime
premium depending
on the policy.
The policy
has underwriting,
cash value,
and some
policies
offer a
return of
premium.
Will cost more than standard LTC insurance because of the death benefit, LTC rider, and the cash value.
Can rollover (1035) an existing whole life policy.
Get a quote for a Life/LTC policy.
- Annuity with Long Term Care Rider
Single Premium Deferred Annuity (SPDA)
Get a quote for a Deferred Annuity with LTC
Contact us if you have any questions, need additional information, or have feedback for us.
Next: Get a quote
