Will your current plan suffice for your retirement?
We've all heard the stories. A family member gets sick, and you aren't equipped with the tools or money to help.
A parent needs help bathing, dressing, and eating while suffering from Alzheimer’s, dementia, or a stroke. A spouse can't get out of bed or use the bathroom on their own anymore. People in their 40s are getting diagnosed with brain tumors, ALS, and other devastating diseases that leave them needing long-term care for the rest of their lives.
Long-term care is a service provided to people who are unable to perform basic activities of daily living such as dressing or bathing etc. G-d forbid this shouldn't happen to you or your family members, but being prepared is a must!
Such a service can cost you upwards of $180,000 per year! Do you have that kind of $$$ laying around?
Additionally, there is the traditional long-term care insurance (LTCI), which many people turn to; however, if you do not use the coverage, you lose the money and it can be quite costly.
So, if you have set aside money for retirement or for a "rainy day", now may be a perfect time to search for good options for where to place these funds.
Long-term care benefits are typically insurance policies that provide coverage for medical and personal care services for individuals who are unable to perform activities of daily living due to chronic illness, disability, or cognitive impairment. These services may include assistance with bathing, dressing, eating, and other activities that are necessary for daily living.
If you are still wondering if long-term care insurance is a necessity for you, read why you may need long-term care insurance...
The number one long-term care insurance product available today is ForeCare.
5 reasons why Forcare is the best product for you:
- Double or triple your investment: Reposition your qualified retirement funds in order to double or triple the amount available for long-term care coverage. For example, if you invest $150,000 in a ForeCare fixed annuity, you receive $300,000 available for long-term care expenses with standard approval. But you could also triple your amount with premier approval, thereby receiving $450,000 for qualified long-term care expenses.
- Protect your assets: Your contract value at month-end is never reduced below the contract value at the prior month-end (less any applicable withdrawals) due to the cost for the long-term care benefits rider.
- Tax-Free: On January 1, 2010, the Pension Protection Act’s (PPA) long-term care benefits took effect. Before the PPA, you had to pay taxes on the growth inside of your annuity before paying long-term care expenses. But now, you can use those tax-deferred dollars to pay for qualified long-term care expenses, typically federal income tax-free.
- You won't lose your money: If you don’t use your contract value for long-term care benefits, you don’t lose your money. Any remaining face value passes on to your beneficiaries as a death benefit.
- No Exams: That in itself is a perk. All you need is 30 minutes. Answer a few questions, meet the height and weight criteria and maybe hop on a brief phone call, and that's it! It's that simple.
Jack and Sara have $500,000 for retirement. Check out the chart below to see what ForeCare can do for them and on the downside, what can happen without it:
Why choose Forecare?
Because ForeCare is a fixed annuity, you can participate in both protection and accumulation benefits. These unique benefits help maximize the amount available to you for long-term care coverage, providing you with the confidence of knowing you’re covered when you need it. ForeCare offers exceptional combined benefits for those aged 50 - 80. Multiply your coverage by 2x or 3x of the initial premium for qualified long-term care expenses.
Let's break it down even further:
Principal protection - Any money held in excess of the contract value will remain there until either the end of the policy or until all beneficiaries have inherited it, which means that if you choose to pass on unused assets to heirs, they will be able to utilize them for retirement purposes rather than having their value be eroded by inflation over time. So, if you don't end up needing long-term care, the face amount gets passed on to your beneficiaries. This is another reason why ForeCare is so great; traditional LTCI does not offer benefits for unused funds.
Tax advantages - First, if you're interested in tax advantages, qualified long-term care withdrawals are typically federal income tax-free and your contract growth is tax-deferred. Second, if you're looking for a way to protect your savings from market volatility this annuity provides a way for you to reduce the impact of taxes that could otherwise cut into your monthly benefit payments.
2x/3x more coverage - It provides double or triple the amount of the initial premium for qualified long-term care expenses! You can rest easy knowing that your loved ones will be protected from financial strain if you should ever suffer a debilitating illness or injury that requires assisted living or a nursing home. By incorporating this product into your retirement portfolio, you can help ensure you and your family are able to keep up with expenses without having to deplete savings accounts or sell assets.
Will I qualify for Forecare?
Everyone wants more convenience in their lives — financial products are complicated enough without a cumbersome application process. The average ForeCare application process only takes about 30 minutes. There are no medical exams needed; simply meet the height and weight requirements. Then, answer a series of questions on your medical history to find out if you qualify and whether you could be approved at the standard level, which provides double the amount of the contract value for qualified long-term care expenses, or the premier level, which provides triple the amount of the contract value for qualified long-term care expenses. Some applicants may be asked to participate in a simple memory and logic exercise via a short phone call. And then you’re done! It’s that simple to apply for a ForeCare fixed annuity!