Retirement Savings Bombshell - Estate Planning & LTC

Where you you want your hard-earned money to go?
I'm sure your estate or financial planner has made sure you are prepared, that your money is protected from the devastating costs of long term are and that you're estate will be preserved and that you're not on the government plan. (ltcfinancialadvisors.com)

90% of estates go in this order:
1. nursing home
2. IRS
3. children
4. grandchildren
5. charity

Is this the order in which you want your estate to go?
If you don't plan for your long term care now it may be too late when you finally decide to do something. Actually you are deciding right now, if you don't have your own plan in effect today you're on the government plan today. You're on one or the other. The only certainty greater than long term care is death.
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What is the risk of long term care and what is the cost for care?
The GAO reports that at least 70% of Americans will need long term care.
The cost of varies by location and time in care. An average of 3 years at $75,000 per year = $225,000. (Metro - NY, NJ, CT, CA, over $100,000 yr). But how are you going to pay?

What is the cost of long term care insurance?
For a 55 year old couple average premiums can run from $150 and up per month. But with just the top 5 companies you have 10,000 possible combinations of benefits. You should have a plan custom designed for your individual needs. (ltcfreequotes.com)

How to design a long term care insurance plan?
First find out what it cost in your area, call nursing homes, assisted living facilities and home care agencies. Then look at your health and your family health history then imagine a future in which you need care -- what do you want the insurance to do for you then? Pick the plan that will accomplish that and see if the premium is affordable, or make adjustments to the plan based on what is affordable.

Since you select benefits based on cost today and the benefits increase with inflation protection ($150 compounds to $244 in 10 years) you can plan for how much of your estate you want protected from Medicaid if you have a Partnership plan - available in select states. (guidetolongtermcare.com/partnership)

What if I never use my insurance?
What if you never use your house, car, or health insurance? Long term care insurance is like term life insurance, it has no cash value, benefits are tax free. You can get a Return of Premium rider at an additional cost but it's usually not worth the expense. (Hancock has a built in RoP till age 65).

For a 55 year old with an average policy their first 5 years of premiums would be recouped in 59 days of care, the first 10 years in 92 days, and 15 years of premiums would pay for itself with 108 days of care.

Men have an average stay just in the nursing home of 2.2 years or 803 days and women an average of 3.7 years or 1,350 days x$200=$270,100 (longtermcare.gov) If you add home care and assisted living the averages can be 1.5 more, or men 3.3 years, women 5.5 years of care.

In addition to standard long term care insurance there are whole-life insurance plans that have cash value with a long term care rider, and there are annuities with underwriting with a long term care rider. There is even an annuity with a long term care rider with no underwriting if you are uninsurable. Standard long term care insurance is the least expensive to insure the most for long term care expenses. Then there are multi-life policies for small businesses or groups of 3 or more, and executive carve-out plans as long as they are available in your state.
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Do you need to meet with an agent?
The Internet allows communication with people like yourself who agents would not otherwise meet and it provides you with the option of dealing with an experienced certified insurance agent by email or over the phone at your convenience rather than in person. Internet applications are emailed or postal mailed. It's easy to keep in touch with clients by email and or phone during underwriting or whenever they have a question. With the Internet and access to the large long term care insurance brokers you get the choice of all the major companies whether you live in large city or a small town anywhere in America.
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If not now, when?
Every day people like yourself research long term care. Everyone is busy with this and that and don't take the time to plan, preserve, and protect their life savings. Then something happens to them and they're now uninsurable, now they have very few options. Don't let that happen to you, get a quote and start the underwriting approval process by applying this month. In less than 60 days you can be prepared, have your assets protected, and your estate will be preserved. (gtltc.com)

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