Educate your Clients on Long-Term Care
The Wall Street Journal reports an increased demand for in-home care due to the Coronavirus. And that in-home care can be expensive. A home health aide alone may cost $50,336 a year.1 The question is, where will people get the money to pay for in-home care?
Since Medicare and health insurance may not fully cover your clients’ long-term care LTC needs, they might have to tap their retirement savings, which could jeopardize their retirement strategy. Now may be the time to talk about adding an LTC strategy to their retirement portfolio.
A ForeCare fixed annuity with LTC care benefits can give your clients 2X to 3X more money for qualified LTC expenses.2,3,4 And if unused for LTC expenses or income, the remaining assets at death passes to beneficiaries – it’s not lost. More money for LTC may just the relief your clients need!
Show your clients a new way to help keep their retirement on track – even during an LTC event!
1 IRI Retirement Fact Book 2018. Costs are based on 12, 30-day monthly periods at 8 hours a day.
2 ForeCare is for non-qualified funds only.
3 This is called the ForeCare Multiplier (for non-qualified funds only): it provides two or three times (depending on underwriting eligibility) the amount of contract value in long-term care coverage to spend on qualified long-term care expenses. Benefits are subject to a maximum monthly benefit. The additional coverage in excess of the Contract Value is only available to use for a qualified long-term care benefit and will not become part of the contract value or the death benefit. Withdrawals, other than for qualified long-term care expenses, will adversely affect the amount of coverage for long-term care benefits in the future. Note: California policies apply the multiplier to the initial premium net of any optional benefit charges, and not the current contract value.
4 To qualify for long-term care benefits you must be diagnosed as chronically ill by a licensed health care practitioner, which means you are severely cognitively impaired requiring substantial assistance to protect against threats to health and safety or are unable to perform at least two of the six Activities of Daily Living (ADLs).