One of the biggest threats to your retirement plans is the cost of long-term care. The mediun cost of a private room in a nursing home is almost $84,000. Home care can cost close to $20/hour. If you or your spouse bome chronically ill or disabled, it's easy to see how your savings could be wiped out.
Age is not a determining factor in needing long-term care. About 70 percent of individuals over age 65 will require at least some type of long-term care services during their lifetime.
Long-term care insurance rates are determined by a several key factors: the person's age, the daily (or monthly) benefit, how long the benefits pay, the elimination period, inflation protection, and the health rating (preferred, standard, sub-standard).
Some key things to consider if you are beginning to assess your own need for long-term care insurance include:
- Do I have enough to self-insure? How do I analyze that possibility?
- What level of care should I be planning for? In home, assisted living, nursing home?
- Would I seek care in my current area or in another part of the country?
- Am I insurable and what is my likely insurance rating?
Planning as we age requires consideration of many aspects of your financial plan. We're here to help investors of all ages configure a plan that's right for your retirement comfort and lifestyle expectations.
1. Guaranteed income for life
When you deposit a lump sum of money to buy an annuity, the life insurance company agrees to pay you a guaranteed income for the rest of your life. You’ll never run out of income — no matter how long you live.
2. Peace of mind
Once you buy an annuity, you don’t need to make any further investment decisions about the money you’ve deposited. And you know exactly how much you’re going to receive every month in income.
3. Options to suit your needs
When you buy an annuity, you can add a number of options. For example, if you’re married, you can add an option that guarantees the annuity payments will continue for as long as either you or your spouse lives.
4. Meet other financial planning goals
You can use an annuity for other financial planning goals like providing money for your beneficiaries or estate, or leaving a gift to charity. For example, an insured annuity gives you a steady stream of income during your lifetime and pays your beneficiaries a lump-sum amount at your death.
Elise was a big help with establishing my family’s financial security. I needed to purchase a disability (income protection) policy in order to provide some security in the event of a debilitating injury, but since I’m self-employed this required multiple rounds of documentation to the underwriter and multiple explanations, which Elise patiently helped me work through. I greatly appreciate her efforts and recommend her with enthusiasm!
I was in the market to purchase insurance and was fortunate to find Elise (a consummate professional), who provided practical, knowledgeable and easy to understand explanations. She was able to find the right product at the right price to fit my needs. I would highly recommend Elise to anyone shopping for insurance. Elise and her team have certainly left a positive, significant and satisfying impression with me and my family.
Elise was very patient and diligent in helping us navigate the complex topic of Hybrid Life and Long Term Care Insurance. She gave us great options and helped us understand the nuances of different offerings. In the end, she helped us get the coverage we wanted at a great value.
Helping you and your family
When it comes to protecting your family and lifestyle with insurance, Elise is your go-to resource. More than 20 years of experience in the area of Life Insurance, Disability Income Protection, Long-term Care Insurance and Medicare planning.
As a broker, Elise excels at searching the marketplace for the plans and products that best fit the needs of her clients; the business owner, individuals and their family. She is an excellent listener who cares deeply about meeting clients’ individual goals and objectives.
So don't worry, I'll walk you through it simply and easily. It's what I do.
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Agent | CA License #0C24556
809 West San Marcos Blvd.
San Marcos, CA 92078