Category Archives: Long Term Care Insurance Buying Tips

1035 Exchange to Fund LTC – What Is It & How Does It Work?

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

What Should Millennials Consider About Long-Term Care?

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

5 Reasons You Shouldn’t Procrastinate When Buying LTCI

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

Should Siblings Pool Resources and Buy Long-Term Care Insurance for a Parent?

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