For the past few weeks, I have shared ideas and information about using qualified money as a funding source for Asset Care. What I have not done is share with you what it offers your clients.
Aside from using a resource that will be required to be tapped for income by the age of 72 (remember required minimum distributions) and a high level overview of how the funding works, I shared a functional knowledge that qualified money can be used to fund long term care insurance.
Let me share with you a few important features of Asset Care.
- Premiums & Benefits are guaranteed.
- A portion of the premium paid may be deductible.
- Benefits can range anywhere from 25 months to a lifetime.
- Policies can be issued for individual or joint cases.
- Premiums may be waived when on claim.
- Underwriting can extend to table 8.
All Asset Care policies regardless of funding source also offer the following:
- Bed reservations can “hold your spot” in a nursing, assisted living or
hospice facility if you require more specialized care in a hospital for a
period of time. - Caregiver training helps pay for training of an unpaid informal caregiver
to care for an insured at an insureds home. - Supportive equipment, includes installation fees, labor and related
costs for the purchase or rental of equipment like pumps and other
devices for intravenous injection, grab bars, home ramps and stair lifts. - Respite care involves short term or temporary care to relieve a
primary caregiver if they need to travel or simply need a break.
If you have questions or would like more information, please contact Justin Fox at (844) 658-3725 or via email at justinfox.isp@oneamerica.com .
Fridays with Fisher 