What You Don’t Know Can Kill Your Dreams
What if I were to tell you that there is a 70% chance that half of your life savings was going to be taken away from you in the next 4 years? Would that make you start asking questions? What if all your savings was taken away? What would you live on? Would you wish you did things differently? Of course, you would. So why not start asking questions now, before this happens to your family?
Long-Term Care Costs in Virginia
Most likely you are not surprised to know that long-term care costs are higher in Virginia than the national average. Here are the median annual costs for long-term care expenses in Virginia (2017).
|Assisted Living Facility||$4510/month||$54,120/year|
|Semi-Private Nursing Home||$7150/month||$85,800/year|
|Private Nursing Home Room||$7910/month||$94,920/year|
Source: US Department of Health and Human Services, Administration on Aging
You can do the math from here. What if your spouse requires care for a couple of years, or even more, how much will you have left to live on after your spouse passes. I know this is not fun to think about, but better to think about it now, and do something, then to live it later, having done nothing.
Here is the Good News
The good news is, there is no reason for despair. For just $200-$300/month you can build a long-term care insurance plan to cover all, or a percentage of your long-term care bills that 70% will face at some point in our lives. Capital Retention can even show you a plan that will pay cash for family or friend caregivers, to provide you assistance right in your own home. When your care goes beyond their skill level, this plan will allow you to transition to assisted living, and even nursing or hospice care, if needed.
Capital Retention can also talk to you about an estate long-term care plan that will provide your family with protection for you or your spouse’s care that will leave the surviving spouse plenty of income and ultimately assets to be passed to your children. This plan can be paid for by repositioning assets you already own, into a one-time premium payment. Or, you could choose to pay the premium with 5, 7 or 10 annual payments that are locked in and will never go up. Your premium dollars stay liquid with either premium mode, and you can get all of your money back, if you ever change your mind. If there is never a need for long-term care, your family receives a death benefit in excess of premiums paid.
Start Asking Questions About Long-Term Care
Capital Retention is ready to help you build a long-term care component to your financial plan, so you are prepared for the end years that no one likes to talk about. We represent insurance brands that you know and trust, that are financially strong and have unique products that can be customized to meet your family’s needs. We can wait to speak with you and answer your questions!