If you're like many of my clients, you're worried about paying for healthcare in retirement. You know it's possible that you'll need to pay for assisted living or nursing home care someday, but what's the point of budgeting money for something that might not even happen?
You've might have heard of long-term care insurance, but you're not willing to pay for something you're not even sure you'll need. You're also worried about the potential for long-term care insurance rate increases.
There's one innovative financial product that can take care of all these problems at once: an annuity with long-term care benefits.
Achieve Your Financial Goals with an Annuity
An annuity is often referred to as "guaranteed income for life." Essentially, you buy an annuity and fund it with monthly payments or a lump sum of cash. When you retire, all that money comes back to you with interest. You even have the option to choose how often you get paid: monthly, quarterly, twice a year, or once a year.
Thanks to innovative new annuities, you can now leverage those funds for long-term care benefits if you need them. It's a good alternative to a stand-alone long-term care insurance policy.
The Benefits of Combining an Annuity and Long-Term Care
Many of my clients appreciate the versatility of an annuity with long-term care benefits. They get long-term care benefits if they need them, and the full face value of their annuity paid out to them if they don't. Here's what you get:
- Guaranteed earnings from the annuity. Your minimum interest rate will never go down. It's set in stone when you purchase your annuity. Unlike stocks, which fluctuate with traders' whims, you know your money is earning interest every minute of every day.
- Up to three times the annuity value for your long-term care needs, including
- Nursing home care
- In-home health care
- Assisted living
- Adult day care
- Homemaker services
- Hospice care
- Guaranteed renewability. Your benefits can't be canceled if you keep the policy in force.
- Withdrawal charges often waived for chronic and terminal illnesses.
- Death benefit. When you pass away, your beneficiary gets the remainder of the annuity.
If you're interested, give me a call and we can talk about how an annuity fits into your retirement portfolio. Don't let worries over long-term care keep you up at night!