Female 62, State Partnership Program

c5a83c_b72ec599df004e60b95c35b5c0800625This client was worried about having to spend through her retirement savings should she end up in a long-term care situation. She was also greatly concerned about relying on Medicaid and wanted to remain in control of her care options as long as possible. We helped her select a traditional long-term care insurance plan with an initial monthly benefit of $5100.00 and an initial pool of money of $186,150. Her benefit will grow by 3% each year so at age 82 she will have a monthly benefit of $9211.20 and her total benefit amount will increase to $336,207. This is also a State Partnership qualifying plan which means she has an extra level of protection. Should her health become compromised and she uses all of her long-term care insurance benefit, she will be able to apply for Medicaid and protect and additional dollar of assets from the spend-down requirements for every dollar the insurance company paid on her behalf through her policy. This plan will cost the client $256.59 per month and is with an A+ mutual company who has never raised rates on their existing clients. If you would like to find out more about options like this, please contact our office directly.