Long Term Care –
When You Need It Most
According to the federal government, some 70% of senior citizens will experience the need for long term care at some point in their lives, whether that’s the need for in home services, assisted living or an extensive stay in a nursing home. Yet most people don’t know that Medicare does not cover long term care facility stays that exceed 60 days.
Unfortunately, the vast majority of seniors have no protection from this very legitimate threat. Some cannot qualify due to poor health, some assume the government will take care of them, some cannot afford the premiums and others are simply in denial of the potential disaster of a long-term care situation.
Long Term Care
Insurance – Elder Care
The need for long term care insurance coverage is real. However, there are some very valid reasons why seniors avoid obtaining conventional long term or elder care policies. Not only are many of the conventional options less affordable, but they are being replaced by new life insurance policy options as well as options you can add with fixed indexed annuities.
For those without long term care coverage, this is good news. Over the last few years, there have been some highly innovative insurance solutions developed that can help individuals protect themselves at very affordable costs, and even offer optional benefits if the coverage is not actually needed. At the very least, we strongly encourage you to explore your coverage options when it comes to elder care.
For more information about today’s options for long term care coverage or to learn more about the “new way” seniors are protecting themselves against this tangible threat, contact Simon & Simon Financial today.
Indexed Annuity An indexed annuity is for retirement or other long-term financial needs. It is intended for a person who has sufficient cash or other liquid assets for living expenses and other unexpected emergencies, such as medical expenses. Guarantees provided by annuities are subject to the financial strength of the issuing company and not guaranteed by any bank or the FDIC.
Indexed annuities do not directly participate in any stock or equity investment. Clients who purchase indexed annuities are not directly investing in the financial market. Market indices may not include dividends paid on the underlying stocks and therefore may not reflect the total return of the underlying stocks; neither a market index nor any indexed annuity is comparable to a direct investment in the financial markets.
Life Insurance Several factors will affect the cost and availability of life insurance, including age, health, and the type and amount of insurance purchased. Life insurance policies have expenses, including mortality and other charges. If a policy is surrendered prematurely, the policyholder also may pay surrender charges and have income tax implications. You should consider determining whether you are insurable before implementing a strategy involving life insurance. Any guarantees associated with a policy are dependent on the ability of the issuing insurance company to continue making claim payments.