Many people don’t understand extended care coverage or why they may need long-term care in their lifetime. Most men believe long-term care cannot possibly happen to them and many spouses believe they will be able to simply remain in their homes, should care be required for their lifetimes. While this may or may not be accurate, here is what is true.
Long-term care is a serious problem today that is getting only worst as people all live longer life expectancies. Some people believe they have coverage under medicare and or medical, which is not exactly true. Many people are experiencing their parents or loved ones receiving some type of care in their home or a facility. They may even be helping to pay the costs.
Many people believe they have sufficient capital to cover these unexpected expenses and/or someone will take care of them, which is the real problem. Normally, providing care to a chronically ill person takes its toll on the caretaker who can become chronically ill and resentful. Most children would put aside their life to help care for the parent.
Paying for extended care basically is a reallocation of resources from cash flow and in many situations, those funds are already committed.
Here are undeniable facts to consider.
• 70% of people, age 65 or more, stand a chance of needing long-term care somewhere along the way.
• 40% of people currently receiving long-term care are adults, ages 18-64.
• 50% of the entire population will require long-term care sometime over their course of their lives.
At Wealth Preservation, LLC, we offer new linked benefit products, covering long-term care, for all services in home and/or in a facility, provides a death benefit to each of you if LTC is not required and you can have your money back in the future if you don’t need it or want the policy any longer, for whatever your reason.
The same monthly benefits are available to you both as it is a joint policy. Here are the advantages of this product and why it is different than most others:
1) Premiums are guaranteed.
2) The amount of death/long-term care benefits are guaranteed.
3) The money earns interest with a minimum guaranteed interest rate.
4) You both have lifetime coverage for LTC expenses at a guaranteed premium.
The best thing about the product? It is not “a use it or lose type of policy.” If you ever change your mind, for whatever the reason, your monies are returned, plus a small amount of interest, less any distributions taken. There are numerous ways to fund this policy, as mentioned, it is a joint policy, same benefits for either, you can make a single premium payment, or pay for it over 10 or 20 years. It is your choice.
I understand the value of extended care coverage. My 93-year-old mother is completely bedridden, my older brother is her caretaker 24/7. His life is very difficult today, in fact, he has no life of his own anymore and the dynamics between my siblings and I have taken their toll. So, I can share with you firsthand what can happen if you are not prepared. I told my parents over and over to do the planning for this reason, they ignored me and the result is what has happened to my brother and our family.
Extended care is a real problem today and it is not getting better, but worse for many of us.
Stewart J. Weissman of Wealth Preservation, LLC is a financial advisor of 42 years, offering financial products and services and can be reached by e-mail at firstname.lastname@example.org or call (858) 369-0303 or visit wealthpreservationllc.com CA License #OB50521.
— Business Spotlight features commercial enterprises that support La Jolla Light.