Direct From Dennis - Long-Term Care

What comes to mind when you think of long-term care?

Both Kim and I have been thrust in the middle of caring for our senior mothers. Even though we know a lot about long-term care, it has been a learning experience for both of us with several twists and turns along the way.

Consider this…many of today’s retirees can expect to spend 30 or more years enjoying the fruits of their labor. With longer lifespans, the likelihood of needing some form of long-term care also rises. One of the wisest things you can do to prepare for your financial future is to learn about long-term care options well in advance.

Did you know…

¹Nationwide Retirement Insitute. Fourth Annual health Care & Long-term Care Study. 02/2016

²Saltzman Associates. Planning for Health Care in Retirement. 09/2015

In the case of our mothers, there were limited options available when they were approaching retirement 20 years ago.

However, today there are more options available to help defray long-term care costs than ever before. You no longer have to lock yourself into a traditional policy with “use it or lose it” benefits.

Asset-based long-term care policies guarantee a benefit, regardless of how you use them.

• Use for long-term care event. If you need coverage, you’ll have an enhanced and tax-efficient funding account for related expenses.
• Transfer to your beneficiaries. If you do not need coverage in your lifetime, the assets can be transferred tax free to your beneficiaries upon your death.
• Change your mind. You plan may have a cash value that can be accessed should you decide to choose a different strategy.

But with the ever-expanding choices, it can be difficult knowing which insurance products are right for you.

That’s where Briggs Wealth Management can help. We have the tools and the resources available to guide you through the due diligence process.

• Evaluating the carrier. We partner with insurance companies that are projected to remain fiscally strong for years to come.
• Researching operational capabilities. Offering high level service standards including dedicated support and compatible technology.
• Product review. Analyzing specific product features and costs.
• Reaching a decision. Collaborating with you and your family to come up with a solution customized to your needs.

Ready to learn more? Be the architect of your own life and start the conversation by contacting Brigg Wealth Management today.

Long Term Care Insurance or Asset Based Long Term Care Insurance Products may not be suitable for all investors. Surrender charges may apply for early withdrawals and, if made prior to age 59 ½, may be subject to a 10% federal tax penalty in addition to any gains being taxed as ordinary income.

These policies have exclusions and/or limitations. The cost and availability of Long Term Care insurance depend on factors such as age, health, and the type and amount of insurance purchased. As with most financial decisions, there are expenses associated with the purchase of Long Term Care insurance. Guarantees are based on the claims paying ability of the insurance company. Please consult with a licensed financial professional when considering your insurance options.