[et_pb_section bb_built=”1″][et_pb_row][et_pb_column type=”4_4″][et_pb_text _builder_version=”3.0.101″ background_layout=”light”]<\/p>\n
This month is going to be a highbred article. Why, because an important financial planning tool involves protecting yourself from the staggeringly high cost of long-term care. Long-Term Care\u00a0 (LTCi) insurance is an important financial planning tool and can protect your nest egg.<\/p>\n
I\u2019ve been assisting clients with this type of coverage for over 30 years. Over that time period, I\u2019ve seen many new and improved variations of coverage. The thing that folks tell me when I first bring it up is that they have already looked at it and found it to be too expensive. Well, if you spoke to an agent who doesn\u2019t know how to properly design a custom plan to the client\u2019s needs, then, yes, it can be too expensive. Also, most agents just represent one company. You should always work with an advisor who is contracted with most, if not all, companies that offer LTCi coverage.<\/p>\n
If you\u2019re of a mindset that you just don\u2019t want to pay a monthly premium for yet another insurance policy, not to worry. Several companies have designed unique solutions that can mitigate the risk of long-term care without paying a monthly premium. There are single premium policies that give you access to cash, death benefit and additional benefits for Nursing Home, Assisted Living Facility and Home Health Care. Some products that fit into financial portfolios can also increase retirement income to accommodate a stint in a long-term care facility or Home Care. It\u2019s okay to be creative, you just need to work with advisors that know how.<\/p>\n
So, to sum up, ignoring long-term care costs could be catastrophic to your nest egg, spouse, and family. Yet, nearly 70% of those in their mid-60s are going to need some kind of long-term care. And the average cost can exceed $89,000 per year. Who\u2019s going to pay? Medicare? 46% of baby boomers surveyed said, yes, Medicare will pay. Nope, not a nickel.<\/p>\n
Call American Retirement Advisors to see if adding this kind of valuable<\/em> protection is right for you.<\/strong><\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"