Long-Term Care

Are you aware of the fact that 70% people ages 65 and older will require some period of ongoing care at some point in their lives?

Have you ever wondered how the need for Long-Term Care could impact your retirement plans and overall financial picture? Long-Term Care is the need for ongoing assistance and/or supervision when you are unable to perform the activities of daily living (bathing, dressing, eating, toileting, transferring and incontinence). Often care is needed at an older age, but the need for Long-Term Care can also be needed due to an illness or accident at a younger age.

To better understand the cost of care in your city/state/zipcode click the link below to use Genworth’s cost of care survey tool.  Knowing the cost is the first step to help you plan for it.

Cost of Care Survey

How can I benefit from Long-Term Care?

  • Long-Term Care Insurance can alleviate the burden on your loved ones for your care
  • It will help protect your assets in the event you need care
  • Tax deductible*
  • Health Insurance will only cover for acute or short-term illness
  • Disability Insurance covers the loss of income not your need for care
  • Medicare will only cover up to 100 days of skilled care following hospitalization

Are you aware that there are hybrid insurance policies that combine Life Insurance and Long-Term Care Insurance?

We can help you design the plan that will best suit your needs. We offer options from multiple carriers, ensuring that we choose the best plan to meet your specific needs. There are many variables that go into selecting the correct policy: what benefit amount do you need, what benefit period should you select, do you need an inflation rider, etc.?

Many ask when is the right age to apply? The answer is there is no right or wrong answer.

  • Buying today will insure you in the future
  • Premiums are lower the younger you apply
  • Your health can change at any time and a health change may make you ineligible to apply for coverage

Long-Term Care Insurance is a valuable enhancement to your financial plan. When thinking of financial planning, most often, one is thinking of building your assets for retirement. However, protecting your assets is just as important, and by securing Long-Term Care Insurance, you are doing just that.

Interested in learning more about Long-Term Care Insurance? Contact us or visit our Vulnerability Assessment.

*As an individual long-term care premiums along with other medical expenses are considered tax deductible if they exceed 7.5% of your adjusted gross income.
A sole proprietor can deduct LTC insurance premiums as a self-employed health insurance expense, but the amount is limited to the chart below.

Up to age 40 $470 in 2024 and $480 in 2023
41-50 $880 in 2024 and $890 in 2023
51-60 $1760 in 2024 and $1790 in 2023
61-70 $4710 in 2024 and $4770 in 2023
71 and older $5880 in 2024 and $5960 in 2023

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