Does your portfolio provide you with total peace of mind? Everyone thinks they are “all set”.
Newsflash: If your future depends on the volatile stock market or low interest savings and CD’s, there’s more to consider.
All investors want to avoid large losses, save on fees, reduce taxes and perhaps leave a tax efficient legacy for their heirs. Consulting a retirement planner for a second opinion will help you identify any flaws, what needs to be done, why and how?
The cover of the September 2017 issue of Consumer Reports read Who Will Take Care of You When You’re Sick? It’s important that a plan needs to be in place now for an unexpected serious health condition. If you are 60 to 80 years of age consider these facts: your long term care policy will not cover everything. There will be large gaps that will need to be covered.
A Revocable Trust will keep you out of probate but will not protect you from Medicaid spend down Projected health care costs in the next decade may increase to $14,000 per month for a nursing home. The average confinement is over 3 years. Witnessing your hard-earned money disappear, is like watching your house burn and not being able to call the fire department.
I’ve heard these excuses over the last thirty years when meeting with seniors: I’ll take a bullet, my spouse and children will take care of me, I won’t need insurance, I’ll jump off a bridge, I’ll hide my money, Etc. None of this ever happened. This is what happened: They get critically ill and leave their spouse and children broke due to the high cost and length of the health care that was needed.
Many seniors will not consider long term care insurance because of the cost and there is no return of premium. You have home and car insurance without a return of premium. Your chances of needing long-term care insurance are substantially higher. You and your money are at risk!
If someday you plan on doing something to plan for large health care costs and protecting your assets from nursing homes, someday sneaks up fast and may leave you unprepared.
Consider this as a solution: A plan where there is no underwriting, no annual premium, and heirs receive your deposit and all unused money. Everyone qualifies between the ages of 60-80 as long as you are not in a health care facility. You can withdraw a portion of your money annually, and the best benefit is that when you get critically ill, you receive the check (no claim forms) to spend as you wish. You can keep your dignity, stay at home and use the money to bring in professional health care givers.
Understanding the facts about Elder Care and assisted living will help you and your family be prepared and protected. For more information, please call the retirement planning team at Lifeguard Financial today 440-942-1936. Your financial peace of mind may depend on it.