Aging Gracefully & LTC Needs--The Good News
There are better answers than simply opening up the checkbook, or hitting the Send button to have money fly out of your checking or investment accounts.
A “product” comment for a moment: there are specialized products designed to deal specifically with the payment issues. Some of the products available for this type of need have multipliers built in, so that the amount transferred in and available for LTC use may produce 2 or more times that amount in actual available long-term care benefits.
The problem really is solvable for many people–without having to resort to Medicaid. And the old-fashioned “use it or lose it” approach to home and long-term care insurance is, largely, a thing of the past.
The Pension Protection Act of 2006 (which became more fully effective for LTC tax-qualified benefits on January 1, 2010) expanded the results:
Some are “indemnity” products, meaning that they pay the funds directly to the owner. Use your money for any purpose you desire.
That permits you to do what you want or need to do to improve your care. It even allows you to pay family members or friends whom you want to help you–rather than strangers!
And, typically, unused amounts are paid to a designated beneficiary.
Clearly, this is an area that requires a careful process to make sure that the desired results are obtained.
Correct fact-finding is essential—as is understanding the issues in order to arrive at excellent, satisfying solutions.
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