Some of the more important questions to consider for a balanced retirement might be:
• How do I generate income I can’t outlive?
• How do I pay for long term care costs?
• Who will provide the care that I need?
• What impact would a long term care event have on my family?
• How do I transfer my accumulated assets efficiently?
There may come a time you might no longer be able to take care of yourself. You may need to turn to nursing homes, assisted living facilities, and home care providers. An estimated 70% of people currently turning 65 will require Long Term Care in their lifetime, for an average of 3 years. 1-in-5 will require long-term care for more than 5 years.
Beneficiaries in Utah can expect Nursing Home costs to average:
Semi-Private Room
Daily- $187
Monthly- $5,627
Annually- $67,524
Private Room
Daily- $232
Monthly- $6,965
Annually- $83,580
National Average for assisted living
Daily- $119
Monthly- $3,628
Annually- $43,563
Most individuals and families cannot cover these cost and services with their income and assets. But you need not worry! We can help you by considering Long Term Care Insurance as part of your retirement plan to help protect your assets"
Your premium will never increase
The amount of death/long term care benefits you have are guaranteed and can be passed onto your beneficiaries.
Your money earns interest with a minimum guaranteed interest rate
With Asset-Based care, there are two ways to pay for protection.
OPTION 1
Is to utilize an existing asset – typically money you currently have in CD’s, savings, annuities, IRA’s or retirement plan funds – as your guaranteed single premium.
OPTION 2
Is to pay in a more traditional way, making monthly, quarterly, semi-annual, or annual premiums that are guaranteed to never increase.
Choice of assisted living, home health care, nursing home benefits and memory care
Lifetime coverage is available through an optional rider (additional premium required)
A way for one policy to cover an individual (single life) or both spouses (joint life)
LTC Benefits paid from asset-based long term care protection are income-tax free
Interest accumulation is tax-deferred
The life insurance benefit, if not used for LTC, is payable to your beneficiary, federal income-tax free
We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options.
