LONG-TERM CARE INSURANCE (LTC) — LATEST NEWS
Several states, including California, are evaluating Washington State's approach to taxing individuals who do not have Long-Term Care Insurance coverage.
THE GROWING NEED FOR LTC INSURANCE
Rising healthcare costs pose a serious risk to any retirement plan.
- Over 50% of LTC claims stem from Alzheimer's or Dementia — conditions that may require care for a decade or more.
- The cost of a private room in a skilled nursing facility can reach $15,000 per month.
THE IDEAL POLICY
Provides lifetime benefits for joint insureds and, if LTC is never required, guarantees a death benefit exceeding the premiums paid.
THE COST OF SELF-INSURING: A RISKY GAMBLE
- A one-time premium for lifetime coverage typically equals one year in a nursing home for most.
- The policy's substantial cash surrender value is an asset on your balance sheet.
- A 10-year dementia episode may cost $1,800,000.
- Without insurance, the financial burden doubles to $3,600,000 (assuming a 50% tax bracket).
- If LTC is never needed, the policy's death benefit exceeds the premiums paid.
TYPES OF CARE COVERED
Nursing Homes, Adult Day Care, Assisted Living, Home Health Care, Homemaker Services, Hospice Care, International Care, Residential Care Facilities, and Respite Care.
FUNDING LONG TERM CARE WITH
Long-Term Care Insurance, Health Savings Accounts (HSAs), Annuities, IRAs, Life Insurance, C Corporations, Reverse Mortgages.
TO LEARN MORE
Contact Bert Payne
(925) 708-6501
bert.ltccpas@gmail.com