Do you own an annuity or cash value life insurance policy? Are you concerned about protecting your assets from the risk of rising long-term care expenses? You may be in luck.
Section 1035, a little-known provision of the federal tax code, allows policyholders who meet certain requirements to trade in their existing contract or policy tax-free for long-term care insurance.
Learn more about the value of 1035 exchanges and how this provision may benefit you. Continue reading
While many debate the exact millennial generation time period, demographers and researchers typically consider millennials to be born in the early 1980s through the mid-1990s or early 2000s. Millennials were the first generation to grow up with computers and technology and became the creators of well-known technology companies such as Facebook, Google, and Instagram.
So, what do millennials think about long-term care, and when do they need to consider it for their own future? Continue reading
Maybe you’re aware of the financial risk of a long-term care event but haven’t pulled the trigger and applied for coverage yet. Life will always have its challenges or busy seasons to distract us, but it’s never a good idea to wait too long to secure coverage for yourself or a loved one. The following are five reasons you shouldn’t delay in getting the long-term care insurance (LTCI) coverage you need. Continue reading
Fraud is a real problem many people face today. However, many are surprised to discover that fraud can even take place in the long-term care insurance market. Long-term care insurance fraud can appear in several forms. Continue reading
A long-term health event can happen to anyone, and the chances of an event occurring only increase as we age. In fact, it’s estimated 70% of people over age 65 will need some form of long-term care in their lifetime. The problem is, home care or care in a facility is expensive and can deplete a family’s savings quickly.
That’s where long-term care insurance comes in. Individuals and families can transfer their risk to an insurance company to pay for or help cover the cost of long-term care services.
However, not everyone in their retirement planning ages can afford the insurance coverage they need. In some cases, children may step in to pay for long-term care coverage for mom or dad or both. Continue reading
The month of May is American Stroke Awareness Month. Did you know 80% of strokes are preventable by controlling high blood pressure? Stroke is a disease affecting the arteries that lead to the brain. It’s the fifth leading cause of death and disability in the United States killing over 133,000 Americans each year.
There are better ways to pay for your Long Term Care insurance (LTCI) premiums. Some involve paying for premiums with tax-free money or deducting premiums on your taxes. Consider these four tax-friendly ways to pay your LTCI premiums. Continue reading
When buying a Long Term Care insurance policy, there’s no one-size-fits-all plan. Coverage can be customized to fit your needs and budget. When shopping for coverage, it’s important to understand the difference between a daily and a monthly benefit. This feature can determine how much money is paid out in a claim. Continue reading
In previous posts, we’ve covered what long term care insurance does, when it can be a wise choice, where it can help pay for care, and when the best time to apply is. If you’ve done your homework and think a long term care policy is a smart option for you, here are some tips on how to shop for long term care insurance and apply for coverage.
Have you heard about the importance of long term care planning, but you’re not sure how Long Term Care insurance (LTCI) works? Here we’re helping you understand why LTCI is a valuable part of retirement planning.