Fairy Tales usually have a happy ending but for too many, their final years are turning out anything but dreamy. The fact is more and more seniors are running out of money in their retirement years and one of the leading causes is the high cost of long-term care.
Baby Boomers are on the front line as many of them approach retirement and have the burden of watching their parents struggle through their final years. Many Boomers have worked hard, saved and are seeking better ways to protect their assets and their family members from an extended health care situation. They have seen the unwanted outcome due to a lack of planning but also are concerned by the complexity and risk associated with traditional long-term care insurance plans including high premiums.
Today, thanks to recent rule changes like the Pension Protection Act, new Asset Based long-term care plans are being developed at a quick pace and Boomers are snapping them up. Gone are the increasing premiums and “use it or lose it” features of traditional plans; replaced with features that eliminate premiums, provide unlimited leverage for care, reduce taxes and guaranteed a benefit even if the clients don’t use their plan for care.
Assets Based plans allow Boomers to re-position a portion of their existing savings which can protect their entire nest egg and eliminate the worry of a long-term care situation costing them everything they have worked for. It also allows them to stay in control of their assets and get all their money back should they change their mind or not need long-term care in the future. Today’s plans also offer up to a lifetime of benefits and can be funded with a wide variety of sources including savings, retirement funds or even home equity.
You can learn more about these new options at 525LongTermCare.com