LONG-TERM CARE INSURANCE

Long-term care insurance is an essential benefit. Neither traditional health insurance nor disability income insurance were designed to pay for long-term care expenses. Long-term care insurance is specifically designed to help protect you against the potentially devastating cost of long-term care services. Without insurance to help pay for long-term care services retirement savings and assets could be at risk.

Retirement Income

Assets that have been allocated to provide retirement income can be protected by long-term care insurance. If long-term care is needed, you don't have to worry about depleting your investment principal! This will protect the lifestyle of the surviving spouse and/or children.

Fund Long-Term Care Insurance With Other Products

Use creative funding for long-term care insurance policies! Payments from an immediate annuity or required minimum distribution from a 401k can be used to pay for long-term care premiums, thereby protecting your principal!

Enjoy Your Retirement

Long-term care insurance gives you permission to enjoy retirement. You no longer have to 'save' all of your money in case you need long-term care. Instead you can buy that RV, or take that trip to Hawaii since you know your long-term care needs will be taken care of! 

LTC Insurance Can Assist in Wealth Transfer

Grunawalt Baer Financial recommends life insurance to provide liquidity on death and pay estate taxes that are due upon death. Long-term care insurance protects your assets from being spent on long term care. This can ensure that your assets can be transferred as planned.

The Need For Long-Term Care Should Be Discussed

Over the past decade, most professionals have come to understand the significance of long-term care and its potential for significant negative impact on a family's emotional and financial well-being. However, sometimes professionals are uncomfortable discussing the subject of long-term care if they do not fully understand what it is, or more specifically,how long-term care planning works. Also, professionals may not
want to risk their credibility by providing inaccurate advice or recommendations on long-term care insurance or other aspects of long term care planning.  Understandably, they fear it could impact the confidence and trust their client places in the professionals current services being offered.

We Have a Fiduciary Obligation to Discuss Long-Term Care Planning Options

In addition  to the possibility of providing inaccurate advice or recommendations on long-term care insurance, professionals need also be aware of the risks associated with the professional liability of failing to address the subject of long-term care insurance altogether. Grunawalt Baer Financial offers you expert advice on long-term care insurance.