Long-term Care Options for You and Your Family
November is Long-Term Care Awareness Month, and at Olympic Golden Retirements, we want to make sure all of our clients are properly prepared for their future. Over 70% of seniors aged 65 and older are expected to need some form of long-term care in their lives. This cost can exert a real burden on many families, taking its toll both financially and emotionally on loved ones. Over the years, Olympic Golden Retirements has helped many families with selecting and utilizing the right long-term care plans when needed.
From a personal perspective, my family and I know firsthand how emotionally and physically taxing it can be to care for a loved one in need, as we did with my father during his 10-year battle with dementia and Alzheimer’s. Having a plan in place can mean a world of difference for you and your family.
The good news is that today, there are a variety of different options to help pay for long-term care. Older, traditional plans usually offered 3-5 years of benefits, but any money paid in the form of premiums was lost if the benefits were never used. Newer plans, however, are asset-based and will return paid premiums to your heirs if the funds are never used, all while creating a much higher benefit for long-term care should the need arise. Plans like these take the fear of throwing money away out of long-term care planning and have motivated many families to enroll.
Another very popular option for our clients is to utilize an annuity with added features for lifetime income and long-term care benefits. These plans create income that can never be outlived, and will increase the payments made in the future if long-term care is needed. Annuities with these added benefits are a great option for individuals who may not qualify for certain long-term care insurance due to their medical history, as there is no medical exam or medical questions asked.
Our team has put together a handy and informational brochure (linked below) that details each of these plans, as well as others while answering many frequently asked long-term care questions. Take a look at the options available to you and book an appointment with one of our specialists to discuss how we can continue to build a better retirement for you and your family.