• Lloyd Holloway

Protecting Our Assets As We Age

Hello Everyone,

I spend most of my time talking to you about preparing for a comfortable and secure retirement, but today I'd like to to talk about the cost of living too long. For those who have managed to accumulate more than just a little wealth this can be a real concern.

According to the Counsel On Aging the cost for a semi-private nursing home room in our area is over $98,000. Yes, Medicare pays for the first 20 days and the next 80 days with a co-pay but then we're responsble and Medicaid will only start helping after we've exhausted all of our personal assets.

The good news is, regardless how the future unfolds, now there's a sensible way to protect our money and provide for long term care expenses should the need ever arise. The planning is a combination of permanent life insurance and a long term care insurance which means we're not paying for a policy we may never need.

Here's how it works:

- If we need long term care: Once we qualify to receive monthly benefits, the guaranteed LTC Benefit Pool is available to help pay for care at a nursing home or in our own home as long as care is given by a qualified provider.

- If we never need long term care: Any portion of the Guaranteed Death Benefit not accelerated to pay LTC benefits will be paid to our beneficiaries upon death and is generally received income-tax free.

- If we have a change in plans: The policy provides a Policy Surrender Value or Cash Value, which increases over time and accumulates tax deferred.

This product can offer a real solution for anyone interested in perserving their estate values so that they can be passed on to their children and grandchildren.

Please feel free to contact me if you would like more details or if you have questions or concerns.

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