Welcome 2023!
As we welcome the new year, it's always a great time to reflect on the past year and plan ahead for the next. We welcome you to consider making it a goal in 2023 to prepare for your family's future by investing in Life Insurance that you own! No one expects the unexpected to happen, but it could happen to you. By securing Life Insurance, you can put your mind at ease knowing that your family will be taken care of when you are no longer there. Call us today to talk through your options!
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Long-term care insurance

Long-term care insurance

Long term care insurance is a type of insurance that is often overlooked and even more frequently, completely ignored. It is the only form of insurance that will help cover the costs associated with long term care services, such as nursing home care, home health care, and assisted living. These services can be expensive, and most health insurance policies do not cover them. LTC insurance can also help protect your financial assets, the ones that you’ve worked your entire life to accumulate, as well as provide peace of mind for both you and your family.

Longevity concerns are an important factor to consider when deciding whether to purchase long term care insurance. As people are living longer, the likelihood of needing long term care increases. LTC insurance can provide peace of mind for those who are concerned about the potential costs of long-term care in old age. Remember, longevity means living a long life, not necessarily a vibrant, healthy one!

Like most insurance policies that are medically underwritten, it is always advantageous to consider securing a policy when you are young and healthy. By purchasing a policy while you are in good health, you may be able to get a lower premium and have a greater choice of policy options. This contrasts with waiting until you need long term care services, at which point you may not be able to qualify for coverage due to pre-existing health conditions. There is a huge difference between being proactive and taking action or being reactive to the situation at hand. It always pays to plan ahead!

Another benefit of long-term care insurance is that it can help ensure that you are not a burden on your family. Long term care can be physically and emotionally draining for caregivers, and the financial costs can be significant. Long term care insurance can help alleviate some of these burdens by covering the costs of long-term care services.

There are many ways to fund a long-term care insurance policy, including options that offer guaranteed premiums that will never change. If you are older than 59.5 years old, there are options that can be funded with qualified assets. This is a very attractive option for individuals who have a bulk of their savings in IRA, 401k and 403b vehicles. One of the many benefits of using qualified/retirement dollars to fund a long-term care insurance program, is that it can help satisfy Required Minimum Distributions (RMDs). RMDs are the minimum amount that must be withdrawn from certain retirement accounts, such as traditional IRAs and 401(k)s, each year, once you’ve reached age 72.

Another advantage of long-term care insurance is the joint underwriting component that allows insurance companies to assess the health risks of two people at the same time. This can be beneficial for couples, business partners, siblings and more, who are applying for long term care insurance, as it allows the insurance company to consider the health risks of both individuals when determining the premium for the policy.

One of the greatest benefits of long-term care insurance is that it can help you avoid paying for long term care services out of pocket. Long term care is expensive and paying for it yourself can deplete your savings and assets quickly. With long term care insurance, you can use the insurance company's money to pay for the care you need, rather than paying out of pocket.

In summary, long term care insurance is an important consideration for anyone who is concerned about the potential costs of long-term care. It can provide financial protection, allow you to leave a legacy for your family and community, address concerns about longevity, and help ensure that you are not a burden on your family. By considering these factors, you can make an informed decision about whether long term care insurance is right for you.