Long-Term Care Can Wipe Out Your Entire Savings if You Are Not Prepared
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Long term care (LTC) expenses can ruin the savings you spent your whole life building.
With a single premium life policy you can increase your cash asset value to act as a barrier and also protect you from potential long term care expenses you might deal with in the future. |
Better yet, if you never need long term care then the increased asset value remains with you to use or left to your beneficiaries income tax free.
Cost of Long-Term Care Across The Nation
The Average Cost of Long-Term Care in the United States in 2013:*
*U.S. Department of Health and Human Services National Clearinghouse for Long Term Care information website.
- $207/day or $6,289/month for a semi-private room in a nursing home
- $230/day or $6,996/month for a private room in a nursing home
- $3,450/month for care in an assisted living facility (one-bedroom unit)
- $19/hour for a home health aide
- $18/hour for homemaker services
- $65/day for services in an adult day health care center
*U.S. Department of Health and Human Services National Clearinghouse for Long Term Care information website.
According to The National Center for Health Statistics...
The median length of stay for residents in an assisted living facility is about 22 months.
22 months of care in an assisted living facility would cost a patient about $75,900 based on the figure listed above.
22 months of care in an assisted living facility would cost a patient about $75,900 based on the figure listed above.
Instead of spending $75,900 of your savings on LTC expenses, how would a single premium life policy help you?
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Single Premium: $50,000 Policy Benefit: $101,465 |
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Single Premium: $50,000
Policy Benefit: $100,695 |
The benefit examples shown above is what a non-smoking 60 year old female (Mary) would receive with a $50,000 premium.
With both companies listed above, Mary's premium would be less than the total median cost of care in an assisted living facility. ($75.900 for a total of 22 months)
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Mary saves $25,900 with a $50,000 premium instead of paying $75,900 for long-term care.
Mary also keeps at least $24,795 (the remaining benefit value left after the $75,900 has been spent) $25,900 +$24,795 --------------- $50,695 |
A savings of $50,695 for Mary and her beneficiaries instead of having a substantial $75,900 spent out of pocket, from her CD, savings account, IRA etc.
Should you ever need long-term care, a single premium life or annuity policy gives you a tremendous advantage and more control of your savings that you've worked your whole life building.
To get more information, call now for a free consultation. I will be happy to show you the policy differences between
One America and Foresters so you can see which kind of policy helps you best.
Ricky Moore
301-275-7051 (Personal Cell # )
888-641-1127 (TollFree #)
[email protected] (email)