When faced with caring for an aging parent or sibling it is very common to wonder how you and your family would manage your own extended care needs. How would you pay for these expenses? Would you have the funds necessary to pay for these expenses? Would you be forced to sell your home or other assets? To get a sense of future daily costs in an area you expect to retire to, go to Genworth.com/costofcare. The type of care you might have been providing your loved ones can cost much less than institutional care such as a nursing home.
But it can still be expensive. As an example, a home-health aide working 44 hours a week costs $40,566 a year for someone living in Wilmington, North Carolina, compared to a private nursing-home room with 2-hour assistance which could cost $68,438 per year. Given a choice between remaining at home versus an institution, you would probably opt for the latter. It is interesting to note that my experience with today’s caregivers is that most of them adjust their lifestyles around care giving for their parents or siblings. When asked, however, if they expect their own children or siblings to care for them, they overwhelmingly responded with, “We don’t want to be a burden on them.” “We would do anything to keep them from having to take care of us.” So, it is no wonder that many who have been caregivers find themselves seeking advice about how to accomplish the goal of being financially self-sufficient. Properly designed long term care insurance plans provide benefits for home care assistance that give you flexibility and choice enabling you to relieve yourself of unnecessary stress. Time spent with a qualified long term care advisor is good preventive medicine.
GREAT NEWS!!
Effective October 24, 2014 we are pleased to introduce a new and innovative way to help families who are struggling to pay the costs of long-term care. The Long-Term Care Benefit program converts a life insurance policy into a monthly benefit that pays for any form of extended care service including Homecare, Assisted Living, Nursing Home, Memory Care, and Hospice.
Not to be confused with long-term care insurance, an annuity, or a policy loan; the Long-Term Care Benefit is unique because there are no waiting periods to qualify, no limitations, no costs to apply, and no premium payments. Instead of lapsing or surrendering a life insurance policy, the death benefit is converted into a “living benefit” in the form of an irrevocable, FIDC insured account that makes monthly payments automatically to the account of whoever is providing you care.
To learn more, watch this video and then complete the form below to receive a free evaluation to determine how much hidden funds are available in your policy.
Complete the form below to receive a free evaluation to determine how much hidden funds are available in your policy!
