Planning for retirement is probably a top priority for you. Do you know how much money you need to retire? Are you concerned that you may outlive your money? Are you concerned about the burden a chronic health care need could have on your family and finances? Your retirement is the dream for you and your family’s future. Proper planning and protection of that dream are crucial to help make it a reality.
Preserve you and your family’s choices
Long-term care insurance can help protect and preserve your income and assets you have worked so hard to accumulate and give you the ability to spend money for care. With the advances in home care services, many people needing long-term care are actually able to stay at home, with or near families, and still get the professional care they need. Long-term care insurance allows your family to be there to love you, instead of worrying about the financial, emotional and physical toll of providing care for you. Whether at home, in an adult day care center or an assisted living facility, you and your family can maintain control of your options and your lifestyle.
Protect your retirement plan
As the population ages and Americans are living longer than ever before, the need for long-term care services has emerged as an important element to a comprehensive retirement plan. In 2012, nursing home cost averaged $91,980 a year nationally, and these costs inflate every year. Do you have enough in your retirement to pay for the high cost of long-term care services? Without a proper long-term care plan in place, your assets and income can be significantly depleted. This could leave you and your family in a difficult financial situation. What would happen to you and your family if you have to pay out-of-pocket for your long-term care? With long-term care insurance, you will have peace of mind, knowing that you have taken control to protect your hard earned retirement assets.
Begin your plan now
The sooner you begin your long-term care planning, the better. The cost of waiting can be expensive in several ways. The younger you are when you purchase long-term care insurance, the lower the premiums will cost. As you age, premiums are higher if you purchase an equivalent policy and you may qualify for a lesser class rating due to health changes. You could pay thousands more in premium over the life of the policy, just by waiting a few years to purchase. Or, you may not be able to qualify for coverage at all. The worst part about waiting is that you may not have coverage in place when you need it most.
With long life comes long-term planning. Make a plan for you and your family today.
Andrea V. Burckhard and Tammie Ragsdale are agents for New York Life Insurance Company. For more information, call (931) 525-5433. An insurance agent may contact you. The purpose of this form is for solicitation of insurance. New York Life Insurance Company’s individual tax qualified long-term care insurance policies are issued on policy form series ILTC-5000, FLTC-5000, INH-5000 and FNH-5000. The actual policy form numbers vary by state and are identi- fied with the two letter state identifier and an edition number. The policy(s) have exclusions/limitations. For cost and complete details of coverage, call or write your insurance agent or the company. New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010.