More than 70% of Seniors will need some type of chronic health care. This client felt it was important to have a plan.
The need to have an Extended Health Care Needs plan in place has not changed. What has changed is how to accomplish that. The old style plans have become a higher cost option in many cases and ultimately limit options.
The new way of planning safely leverages your money, still gives you access and provides a legacy to your heirs if you never use it.
Chronic Extended Healthcare Protection
Mary L had already taken the main retirement risk off the table, she had moved the largest portion of her sizable portfolio out of the market, protected it with a safety net but left herself the opportunity to capture upswings. She had also set up a protected income plan and had a guaranteed monthly lifetime paycheck that she knew would adjust for inflation.
But in helping care for an elderly Mother, she saw the day-to-day expenses associated with that care and how it drained away her life’s savings. She knew she needed a plan, didn’t want to burden her children and wanted to be able to pass as much of her sizable nest egg to the next generation that she could.
She was glad to find a new style chronic health care plan. It would allow her to earmark money for care and have that money triple in value for care payments on day one. She was happy to know she still had access to this account if she needed and almost overjoyed to know that if she never needed care, this account would go to her heirs.
- Long Term Care
- Mary L.
- 11/08/2022
