{"id":187,"date":"2021-03-08T23:36:49","date_gmt":"2021-03-08T23:36:49","guid":{"rendered":"http:\/\/fairportservices.com\/?page_id=187"},"modified":"2021-06-29T15:23:14","modified_gmt":"2021-06-29T15:23:14","slug":"insure-against-long-term-care-expenses","status":"publish","type":"page","link":"http:\/\/fairportservices.com\/?page_id=187","title":{"rendered":"Insure Against Long-Term Care Expenses"},"content":{"rendered":"

Fairport Can Help You:<\/strong><\/span><\/p>\n

Insure Against Long-Term Care Expenses<\/strong><\/span><\/p>\n

Long-term care expenses threaten all of us. The average cost of a private room in a nursing home in Connecticut is currently about $167,000 per year. If costs continue to rise at a rate of 3% per year, this expense will increase to $350,000 per year in 25 years. Home care and assisted living are also increasingly expensive. And long-term care is not<\/u> covered by Medicare.<\/span><\/p>\n

For many retired couples, if either spouse needs long-term care, these costs could impoverish them both.<\/span><\/p>\n

Traditional long-term care insurance policies have two problems:<\/span><\/p>\n

(1) Premiums for traditional long-term care policies are subject to increases at the insurance company\u2019s option (following state government approval).<\/span><\/p>\n

(2) If you don\u2019t need long-term care, or if you stop paying premiums because they become too expensive, policy benefits are often lost. The common complaint against a traditional long-term care policy is \u201cUse it or lose it.\u201d<\/span><\/p>\n

Today, there\u2019s an alternative: Life insurance linked with long-term care insurance.<\/span><\/p>\n

The combination of life insurance and long-term care insurance provides \u00a0protection against long-term care expenses – \u00a0without the risk of rising premiums – \u00a0and a guaranteed death benefit.<\/span><\/p>\n

Long-term care benefits increase at a guaranteed rate until an insured begins withdrawals. Life insurance benefits are paid to the insured\u2019s beneficiary, minus any long-term care benefits already paid out. These life insurance proceeds may offset all or a substantial portion of the premium(s) paid into the policy.<\/span><\/p>\n

Unlike a traditional long-term care policy, either the insured receives long-term care benefits or a beneficiary receives life insurance benefits. Benefits are never lost. And both long-term care benefits and life insurance death benefits are tax-free.<\/span><\/p>\n

Contact us to discuss a long-term care\/life insurance combination that meets your needs and your budget.<\/strong><\/span><\/p>\n