Phone: (910) 485-7166   E-mail: tim.johnson@virtuecm.com
 
Financial Insurance Solutions Financial Insurance Solutions
Financial Insurance Solutions
 
Financial Insurance Solutions

Long Term Care Planning

Long Term Care expenses are one of today’s most overwhelming roadblocks for potential retirees. The expenses associated with long term care can have a detrimental impact on client portfolios, as well as their ability to retire comfortably on their own terms. Long-term care insurance can prove to be an invaluable portfolio asset. Allow my firm to help you design the best long term care for you and your family.

Stand Alone Long-Term Care Insurance can be the answer to one’s need for home health care and/or facility care whether that is in an assisted living or nursing home environment. There are only a few quality carriers offering stand-alone coverage which means it covers long-term care and does not provide a death benefit. Stand-alone policies are best suited for those who can only pay a monthly or annual premium for the coverage.

Hybrid Long-Term Care Insurance comes in different forms. It provides for not only long-term care insurance but can also provide a death benefit if you never needed long-term care. Often times this coverage is funded or paid for by re-positioning current available assets in a lump sum. Many individuals are self-funding their long-term care needs, especially high net worth individuals. This approach is simply a better way to self-insure because it leverages existing money positions. A simple explanation is if you can turn $1 dollar into $5 dollars if you need long-term care and if you don’t need long-term care and you die your family receives $2 and often times depending on the company and policy design you can receive your $1 back at any time. This type of long-term care insurance provides you with control of your money allowing you access to your money if need be.

Chronic Illness Long-Term Care Insurance Riders is a rider that is added to a life insurance policy at minimal cost and accelerates the death benefit while you are still alive. This is becoming a very popular way to purchase long-term care insurance because you have a life insurance death benefit or it can be used to pay for chronic illness long-term care. The approach is often times funded with a monthly or annual premium.

Financial Insurance Solutions