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    How to protect yourself against long-term care costs


    Controlling your long-term care costs

    Please watch the attached video for two case studies, which are hypothetical, but typical of the kinds of situations encountered.

    The first case study is a 60-year-old couple (Jim and Susan) who are concerned what would happen to their retirement plans if one or both of them needed long-term care. Neither wants to be a burden to the other or to their children.

    Although Jim and Susan have adequate assets to fund their basic retirement desires, an extended long-term care situation could derail the lifestyle they have worked so hard to achieve. In this hypothetical situation, it was assumed they would consider transferring the risk of long-term care to an insurance company.

    Hybrid self-funding insurance

    The second case study involves a 60-year-old physician who has a net worth of $2 million; has $700,000 in qualified retirement plan assets; lives modestly; and has $200,000 in a money market account. This is a case of a hybrid long-term, which allows guaranteed premiums, whether it is single paid-up or spread out from two to 10 years.

    We have reviewed three ideas that may help physicians manage the financial risk of long-term care. Self-funding; traditional annual premium coverage, and hybrid self-funding insurance.

    Whether individuals are planning for retirement or are already in retirement, long-term care insurance may fit an investors’ circumstances, and should be considered.



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