What About Long Term Care of Your Future Aches and Pains?

I’m sharing below a concise Bloomberg summary of how long term care insurance has been dragging General Electric Company.

Coincidentally, this week I met with a client facing a LTC premium increase from $3902 to $5248 annually. Her long term care insurance company did offer some reduced benefit options but no guarantee premiums won’t be hiked further in a few more years.

Long Term Care Insurance vs. Hybrid Rider

While thinking over those options we’re also looking into two alternatives now available in New York State:

  1. Traditional life insurance with a long-term care rider. Unlike long term care “use it or lose it” policies, premium dollars are always returned in death benefit, cash for eligible long term care expenses, or a combination. This is often referred to as a hybrid.
  2. A lump sum, single premium,used to purchase life insurance and a multiple long term care benefit available on Day 1. This option also builds cash value and is an effective way to leverage funds not earning much in a savings account or a one time bonus.

With a 70% likelihood of happening, no other event can more disrupt your planned retirement or place a greater burden on adult children, than the cost of your long term care. Send a note or schedule a 15 minute telephone appointment to have a conversation about options available for you:

Click here to schedule a 15 minute telephone appointment with Dan

Why Your Future Aches and Pains Are Killing GE – Bloomberg

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