Protecting Your Family From an Extended Care Event
If you have ever had to care for a loved one experiencing a major health event, you understand there is a lot more to worry about than just how is the experience going to be financed. There is also the emotional and physical strain that it puts on the caregivers and their families.
Purchasing extended care insurance is about protecting your family. Statistically, the oldest daughter or daughter-in-law is the one that takes on the caregiving duties. What if that person has a career, and/or is a business owner. Are they going to be able to drop everything to care for you? Would you want them to if they could? One of my mentors always says it this way, “Who are you going to depend on to change your Depends?”
Having a long-term care policy ensures that your children will not be put into a position that will cause them to have to choose between their career or family to spend time caring for you. It also protects your spouse. The Alzheimer's Association has a statistic that states in dementia cases, the healthy caregiver dies first 67% of the time when they are the primary caregiver.
If you purchase an extended care plan now, your policy will come with a personal care representative to walk your family through all the benefits.
These benefits include:
· Training your family how to care for you properly.
· Fitting your home with durable medical equipment to keep you safe.
· Adult day care services
· Up to 21 days of respite care
· Home health care services
· Someone to help you choose the right senior community.
· Holding your bed for up to 21 days during hospital stays.
· The care representative pays all your bills.
Having a personal care representative on your team will allow your loved ones to do what they are supposed to do—love you well. They will not be stressed out about handling all the minutia. They will have someone walk you through the process. The insurance policies are no longer use-it-or-lose-it like car insurance. The insurance companies are either going to pay while you’re living, or they are going to pay your heirs a nice tax-free death benefit. They will be there for you.
In order to purchase a long-term care policy, you will go through underwriting, and it probably will be expensive. There is no getting around the cost, but there are many different ways to pay for it. We teach people that you are not spending money on a policy. You are just moving money from one conservative bucket to another. If you leave it where it is, you take the risk of having an event, and spending through that money, plus all the other money you have. That could be devastating as a couple with one healthy spouse expected to live a long time. If you have insurance, they spend through your insurance premium first, and then the policy pays out for the rest of the duration of your plan. Any unused portion of your death benefit goes back to your family tax-free.
Paying for a Policy:
· Income while working
· Lump sum, 5-pay, 10-pay, 20-pay, and lifetime option.
· Transferring money out of a retirement account in one lump sum.
· 1031 Exchange from another life insurance option.
Today is the youngest and healthiest you will ever be again. If you’d like to learn how to protect your family from a long-term care event, contact our team today. If you don’t think you’d qualify because of health or budget, we have access to a guaranteed-issue plan that pays for a portion of what long-term care insurance does. It’s worth a conversation.
CONTACT US TO PROTECT YOUR FAMILY.Purchasing extended care insurance is about protecting your family. Statistically, the oldest daughter or daughter-in-law is the one that takes on the caregiving duties. What if that person has a career, and/or is a business owner. Are they going to be able to drop everything to care for you? Would you want them to if they could? One of my mentors always says it this way, “Who are you going to depend on to change your Depends?”
Having a long-term care policy ensures that your children will not be put into a position that will cause them to have to choose between their career or family to spend time caring for you. It also protects your spouse. The Alzheimer's Association has a statistic that states in dementia cases, the healthy caregiver dies first 67% of the time when they are the primary caregiver.
If you purchase an extended care plan now, your policy will come with a personal care representative to walk your family through all the benefits.
These benefits include:
· Training your family how to care for you properly.
· Fitting your home with durable medical equipment to keep you safe.
· Adult day care services
· Up to 21 days of respite care
· Home health care services
· Someone to help you choose the right senior community.
· Holding your bed for up to 21 days during hospital stays.
· The care representative pays all your bills.
Having a personal care representative on your team will allow your loved ones to do what they are supposed to do—love you well. They will not be stressed out about handling all the minutia. They will have someone walk you through the process. The insurance policies are no longer use-it-or-lose-it like car insurance. The insurance companies are either going to pay while you’re living, or they are going to pay your heirs a nice tax-free death benefit. They will be there for you.
In order to purchase a long-term care policy, you will go through underwriting, and it probably will be expensive. There is no getting around the cost, but there are many different ways to pay for it. We teach people that you are not spending money on a policy. You are just moving money from one conservative bucket to another. If you leave it where it is, you take the risk of having an event, and spending through that money, plus all the other money you have. That could be devastating as a couple with one healthy spouse expected to live a long time. If you have insurance, they spend through your insurance premium first, and then the policy pays out for the rest of the duration of your plan. Any unused portion of your death benefit goes back to your family tax-free.
Paying for a Policy:
· Income while working
· Lump sum, 5-pay, 10-pay, 20-pay, and lifetime option.
· Transferring money out of a retirement account in one lump sum.
· 1031 Exchange from another life insurance option.
Today is the youngest and healthiest you will ever be again. If you’d like to learn how to protect your family from a long-term care event, contact our team today. If you don’t think you’d qualify because of health or budget, we have access to a guaranteed-issue plan that pays for a portion of what long-term care insurance does. It’s worth a conversation.