Last Minute Planning Alternatives
Families are shocked to find that neither Medicare, Medicare Supplements or major medical insurance covers assisted living care, extended home care or nursing home care. With typical costs in excess of $75,000 per year, it doesn’t take long for an average family to spend down their retirement savings. Unfortunately sometimes a family’s only alternative is to spend down their assets to qualify for Medicaid.
At Longevity Planning, a major part of the work we do is with families who are facing an immediate need. We work with you to help with the choices and challenges of paying for care. We review all of your current policies that may be able to help you in financing long term care expenses. Perhaps a loved one has a long term care policy but you are unsure what types of coverage it will provide. We help you explore any benefits you might be entitled to such as the Aid and Attendance benefit that is available to war time veterans and their spouses or widows.
Another great option for your family looking to pay for care is ImmediateCare. ImmediateCare is a medically underwritten single-premium immediate annuity designed to help fund the cost of an existing long-term care need with monthly payments guaranteed for life. It can lessen both financial and emotional stress, and may be a solution for those who need help now. No matter how long care lasts, ImmediateCare can help maintain the level of quality care desired while at the same time protecting assets from the costs associated with an extended care stay. Unlike a typical immediate annuity that is based only on age and sex, Immediate Care is based upon age, sex and health. You don’t have to be in good health to qualify for Immediate Care.
- Designed for individuals currently receiving long term care either at home or in a facility
- Provides lifetime monthly income to help pay for the unknown cost of LTC
- Helps to limit losses to an estate
- Issued between age 75-99
- Annuity payment Increase option
- Refund of premium options
To find out if ImmediateCare could help you and your family pay for a loved one’s care, please call our office to schedule an appointment. There is no cost or obligation to meet with one of our professional advisors. We will help you review your options and develop a plan that will allow your loved one to maintain the highest quality of care in this time of need.