Long Term Care
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Qualified Money for LTC
Earlier this week, an advisor (we will call him Andy) called me with an interesting question. It went something like this: “I have a client – a single man who is in his early 60s and is unmarried whose parents both recently died after spending a ton of their money on assisted living and nursing… Continue reading
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It’s Long Term Care for a Reason
The fastest way to impoverishment or to destroying a retirement income strategy or to impact multiple generations physically, emotionally, and financially is not an extended healthcare event. It is not adequately planning for such an event. According to retirementliving.com, the cost of memory care in 2019 is: Average memory care unit $5,745 per month Highest… Continue reading
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History of Innovation
Asset-based LTC, aka hybrid or linked linked benefit, have existed since 1988. OneAmerica stakes a claim to being the premier innovator of this space. There is only one other carrier who can make this claim. What they and the other carriers in the asset-based LTC arena cannot claim is the depth and breadth of solutions… Continue reading
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Income and LTC
Forbes published an article on April 16, 2019 that shared “Comparing The 3 Most Popular Retirement Income Strategies”. According to the article, there are three common approaches: Systematic Withdrawal Strategy Using this strategy, if you had $1,000,000, you could withdraw roughly 4% ($40,000) per year adjusted for inflation and would not run out of money. … Continue reading
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Not So Average Care
The following stats are posted on LTC.gov: someone turning age 65 today will have a 70% chance of requiring “some” long term care services and/or support in later years women require care on average 3.7 years men require care 2.2 years 33.3% of today’s 65 years olds may never require care 20% of today’s 65… Continue reading
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Asset Care for Qualified Money
One funding approach that has been unique to Asset Care is the “self contained” funding strategy for qualified money and non-qualified deferred annuities. In the original series product, these were know as Asset-Care II (non-qualified money) and Asset-Care III (qualified money). We have made some enhancements to this strategy which, in my humble opinion, are… Continue reading
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Q&A – Premium Modes for Asset Care
Question: With the release of the “new” Asset Care, are the premium modes being changed? Answer: We have made changes to our funding options. As we have done in the past, we will offer single premium (cash or 1035 exchange), the use of non-qualified deferred annuities and qualified money, and recurring premiums. Recurring premiums are… Continue reading
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Asset Care – Policy Changes
As with every product release, there are changes that come at the policy level. This is true with Asset Care. Here are a few changes that you MUST know. The Elimination Period to qualify for benefits has be altered to zero days for home care and 90 days for facility based care. Remember, those are… Continue reading
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Single Premium Drop In – NEW FEATURE
With the launch of the new Asset Care, a truly new feature is being introduced – the Single Premium Drop In Rider (SPDR). This rider will be available only with the new Asset Care when funded using recurring premiums. It will be available on July 1 when the product launches. For July 1 launch states,… Continue reading
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Waiver or Premium / Elimination Period
Let’s take a look at two of the new features that you will find in the Asset Care product relaunch in July – waiver of premium and the elimination period. Frankly, this is a pretty significant upgrade. The revised waiver of premium waives the policy premium for BOTH the base and Continuation of Benefit Rider… Continue reading
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Asset Care Revisions Coming in July
This should come as no surprise. Noise about Asset Care changes has been swirling around for months. A couple weeks ago, we announced the changes that are targeted to roll out in July. Here are a few of the enhancements that you will see in the updated Asset Care. zero day elimination period for home… Continue reading
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I’ve got this
A long term care claim does not need to be permanent for an insured to receive benefits from a policy. As noted in “Is it covered?”, life insurance with chronic illness riders will not provide coverage for services that are not permanent in nature. True LTC policies (traditional and asset-based), cover both permanent and recoverable maladies.… Continue reading
Fridays with Fisher 