Many retirees are concerned about needing “long term care” in their later years, and just as concerned is the ability to pay for it. Now some may opt to find ways to be destitute, which would cause them to rely on government assistance (welfare). They “gift” money away to their children, grandchildren, and other family members to bring their net worth to a low value that makes them eligible for public assistance. However there are some innovating ways to obtain coverage if needed long term care (and even home health care). For one, you could buy coverage with an insurance policy. This would involve paying premiums for the coverage. But there are other ways, and these other ways may better suit your needs, and your wallet.
Lincoln MoneyGuard Reserve Plus
In some cases, folks are investing into a policy with Lincoln MoneyGuard Reserve Plus. This policy provides both a long term care benefit and a life insurance benefit. Also, your investment is available to liquidate at any time , without penalty. So, for example, a 65 year old lady can invest $50,000 into the MoneyGuard and receive a life insurance benefit of $127.000 and provide coverage for nursing home health of $3126 per month for 60 months. And as I stated earlier, if ever you no longer need the policy, you can return it for you initial investment.
There are a number of other options that can provide coverage in case you need long term care, home health coverage, personal nurse care, and other areas to assist in daily living. Many of these options are more affordable with good health since it determines the cost. All too often, folks wait too long to explore these options as they wait to the later years of retirement. Why not explore these options today while the coverage is still available for you.
People have worked hard to save their assets and its discouraging to see such a fortune turned over to pay for care. In fact, whole estates have been used to pay for nursing home coverage.
It’s the biggest fear of retirees, but we can help take those fears away. Call us for advice.