Sentences with phrase «term care expenses»

Even though premium rates rise with age, they are still inexpensive compared to the cost of paying for long term care expenses directly.

It provides a monthly or lifetime benefit to cover long - term care expenses in the event you are unable to perform some of the daily activities of life on your own.

A high - quality life insurance policy that lets you draw down the death benefit to pay long - term care expenses increases your flexibility.

The average long - term care expenses cost $ 400,000.

Some life insurance contracts will also allow you to accelerate the death benefit to pay for qualified long - term care expenses with a long - term care rider.

However, if long - term care expenses exceed the original face amount of the life insurance contract, benefits are exhausted and no further value can be gained from the contract.

Help protect your assets from being used for long term care expenses and maximize your options for care if you become chronically ill or have a severe cognitive impairment.

Provides coverage for long - term care expenses if necessary, as well as a death benefit or a return of your initial premium if you not Lincoln Financial's Funding Life Long - Term Care products are available online and are searchable by state.

It details an innovative way to pay provide funds for long term care expenses while also creating a tax write off under the recently passed Pension Protection Act.

For example, a policyholder with a $ 100,000 annuity who had selected and aggregate benefit limit of 300 % and a two year benefit factor would have an additional $ 200,000 available for long term care expenses after the initial $ 100,000 policy value was depleted.

Tax qualified policies generally begin paying long term care expenses once you are unable to conduct at least two daily activities without standby or hands on assistance.

You could take out, for example, $ 2000 per month for approximately 50 months of long - term care expenses until that benefit has reached its maximum at which point your policy would switch to a reduced paid up policy for either $ 10,000 or 10 % of the lowest amount that the face value ever reached.

This policy also has long - term care rider, which allows you to accelerate your death benefit and receive up to 2 % of your total face value per month to pay for qualified long - term care expenses such as in - home care, adult daycare, or care in a long - term care facility.

The rider provides the ability for you to obtain a monthly benefit by accelerating the policy's death benefit to pay for qualified long - term care expenses if your are diagnosed with a qualifying chronic illness.

By invoking this rider, the woman in the example above would have $ 200,000 available to her for long term care expenses in her home or a nursing home facility - and these benefits could be received income tax free.

If you're still planning and saving for retirement, it's critically important that you start questioning how you're going to provide for your long term care expenses while protecting your spouse's ability to survive once you've passed.

For example, a policyholder with a $ 100,000 annuity who had selected and aggregate benefit limit of 300 % and a two - year benefit factor would have an additional $ 200,000 available for long - term care expenses after the initial $ 100,000 policy value was depleted.

«As we age, usually our medical or long - term care expenses increase, sometimes depleting our assets to a level of crisis,» says financial advisor Jake Lowrey, president of Lowrey Financial Group.

The Shared Benefit Rider provides a shared pool of money for covered long term care expenses that you and your spouse can both use.

Plus, you need to plan for long - term care expenses, as well as health care costs, both of which Ponnapalli says are big expenses that are often «not given as much importance as they deserve.»

There are several tax deductions seniors and their families can take advantage of that would give them extra money to help with long - term care expenses.

Is Medicaid an option you're considering for long - term care expenses?

Long - term care expenses can quickly consume one's assets, leaving little or nothing to bequeath.

Waiting longer to plan for long - term care expenses can be devastating to retirement finances, notes the U.S. Department of Health and Human Services.

Consumers are failing to plan for long - term care expenses, even though they're «scared» of the risk, according to a Lincoln Financial study.

At Global Atlantic, we create annuities that can help you accumulate savings, generate income, help meet long - term care expenses, and even leave a legacy.

Another optional rider allows policyholders to accelerate their death benefit to help pay for long - term care expenses.

For example, long term care expenses, a very large portion of Erie County's Medicaid costs, began moving out of the county share in 2004, thus lowering Erie County's overall share of the expense.

Withdrawals, other than for qualified long - term care expenses, will adversely affect the amount of coverage for long - term care benefits in the future.

3The ForeCare Multiplier provides two or three times (depending on underwriting eligibility) the amount of contract value in long - term care coverage to spend on qualified long - term care expenses.

The long - term care rider advances the death benefit to help pay for qualified long - term care expenses.

Medicare is not designed to cover long - term care expenses, which is a common misconception, Hopkins said.

There are several reasons why people should save for retirement and one of them is the devastating cost of medical or long - term care expenses.

Alternatively, they need money to pay for long - term care expenses.

Our ForeCare fixed annuity offers a benefit to help cover qualified long - term care expenses, helping you avoid the financial hardship that can accompany a prolonged health crisis.

At Global Atlantic, we create annuities that can help you accumulate savings, generate income, help meet long - term care expenses, and even leave a legacy.

ForeCare is an innovative fixed annuity with long - term care benefits that provides funds for qualified long - term care expenses.

The way this works is that the amount of benefits received by a policy holder for eligible long term care expenses, if from a state qualified long term care insurance policy, can be retained by the Medicaid applicant as an offset to the Medicaid spend down requirement.

To offset the federal government's obligation to cover long - term care expenses, the Partnership Program, administered at the state level, allows individuals to retain assets equal to a dollar - for - dollar amount of long - term care coverage.

All Asset - Care plans include a guaranteed death benefit, guaranteed cash value growth and access to 100 % of the death benefit for qualifying long - term care expenses.

However, if you have an old annuity that is not accessible for long - term care expenses, or can not provide you with tax - advantaged access to your money for those expenses, it could be time to ask your insurance representative about Annuity Care from The State Life Insurance Company.

It may credit additional interest to amounts withdrawn for qualifying long - term care expenses.

In this situation, consider having your children own the life insurance policy, because, if the parent (s) become institutionalized, the cash value of this policy will be includable in their assets and may have to be withdrawn, or the policy surrendered in order to pay for long - term care expenses.

Consider hybrid products (life insurance policies or annuities that let you divert part or all of the benefit to long - term care expenses).

Note too that Longevity and outliving savings is a particular concern for women, along with not being able to afford long - term care expenses.

• Social Security for women • Facing retirement alone • Ways to cover long - term care expenses • Marriage and divorce near retirement • Ways to guarantee your retirement income

Qualified long - term care expenses are treated as medical expenses subject to the percentage - of - AGI floor.

Long - term care life insurance hybrid policies can be purchased which provide death benefit coverage as well as insurance coverage for long - term care expenses, if needed.

And some plans will offer a small residual death benefit even if the entire policy has been liquidated for long term care expenses.

Or maybe they want to be able to cover long - term care expenses.