Long-Term Care Insurance in Northeast Dallas

Watch our YouTube video to learn whether you qualify for long-term care insurance. We’ll help you find the right coverage plan in Northeast Dallas.

Podcast: Robb Discusses Long-Term Care

A happy, secure retirement plan contains multiple solutions for multiple risks. One of the most underrated risks is the risk that you or your spouse will someday need long term care. The fact is that all of us will reach a point one day where we can no longer take care of ourselves. In some cases, that happens at the moment we pass…in other cases, it can happen years before we pass. In those cases, someone will have to help. It may be necessary to go into a facility, but often it can mean needing to bring help into the home. If there’s no plan to pay for this, the financial burden can often fall on a family member. And a long-term event, such as dementia, can last for years and devastate even the best-made plans.

Here are some facts about Long-Term Care:

• 7 out of 10 people will need some form of Long-Term Care in their Lifetime.
• Most Long-Term Care events start with in-home care.
• Medicare does not cover Long-Term Care.
• The average Nursing home stay is over 2 years
• The average Memory care stay is 8 years
• National Average Costs of Long-Term Care (2020)*
• Home Health Aide: $20.50/hr
• Assisted Living Facility: $3,628/mo
• Nursing Home: $7,698/mo

*U.S. Department of Health and Human Services: LongTermCare.gov, Costs of Care, October 2020

Traditional Long-Term Care Insurance

Although it is better to have a long-term care policy than nothing, the problem is that the premiums can go up over time, and if you never need the benefits, your family won’t get the money you paid in back. And, the underwriting requirements can be pretty daunting.

Asset-Based Long-Term Care

We think a better option is Asset-Based Long-Term Care. You can use existing assets to protect you and your loved ones from the expenses, and perhaps the emotional strain, that can arise when a family faces the need for long-term care. And due to the Pension Protection Act of 2010, you can now leverage your existing assets into a potentially unlimited tax-free long-term care benefit for both you and your spouse.

Premium options — Use existing assets, such as a CD, savings or IRA, as a one-time-only premium payment, or choose guaranteed annual premiums that can never increase

Asset protection — Get the security of a life insurance policy that grows at a minimum, tax-deferred interest rate

Tax-free benefits — Pay no income tax if you use your life insurance for qualifying long-term care expenses — should you need it

Leave a legacy — If you never use the long-term care benefit or if you only use a portion of it, your named beneficiaries will receive the death benefit — income tax-free

Do you have questions about how you can protect you and your loved ones from one of the most underrated retirement risks? Contact us today!