|Shared with permission from Eric Jackson and Genworth Financial Agency, Inc.|
|HELP PRESERVE YOUR ASSETS WITH LONG TERM CARE PLANNING
If you’re a member of the Baby Boomer generation (born between 1944 and 1964), you already know how important it is to save for your retirement. The security our parents once had through company pensions has all but disappeared. The responsibility for retirement saving has shifted from employers to employees, with Social Security providing only a base level of supplementary income. Today, it’s up to you to put the “gold” in your “golden years.”Although it’s likely that you have been saving diligently for many years in order to maintain your current lifestyle during retirement, have you factored long term care (LTC) into the equation? Many people have not considered what would become of their finances if they or someone close to them became incapable of caring for themselves, even temporarily. While it may be difficult to think about, you or someone you love may eventually need LTC. Of those people currently receiving LTC, 40% are adults 18 to 64 years old.¹LTC services can range from custodial care at home to more skilled medical care in a nursing home. However, the majority of LTC services provide assistance with activities of daily living (ADLs), such as dressing, bathing, eating, transferring, and toileting. You are generally considered to be in need of LTC if you have difficulty performing two or more ADLs due to physical limitations, severe cognitive impairment, or both.If you have accumulated wealth over the years in your retirement accounts or personal savings, and your funds are sufficient to cover LTC expenses, then you may believe you’re ahead of the game. However, if you hope to bequeath assets to your heirs, the cost of your LTC could interfere with the best-laid plans. There may be options, such as selling property or borrowing from a permanent life insurance policy. But, these strategies may affect the amount of wealth you leave to your heirs, and there may be tax consequences.Now is the time to consider long term care planning. With a LTC plan in place, you can minimize the financial risk associated with extended care and relieve the burden of uncertainty for yourself and your loved ones. If the time comes when you need daily assistance, long term care insurance (LTCI) can help cover the expenses of a nursing home, assisted living facility, or at-home care. This type of coverage allows you to maintain your independence for as long as possible while increasing your care options.Many people don’t think about LTC until it becomes a reality for them. As you prepare for your golden years, consider the possibility that you or someone you love may require LTC. While nobody knows what the future may bring, proper planning today for an uncertain tomorrow may help preserve your hard-earned assets and enhance your options for care.¹ National Clearinghouse for Long-Term Care Information, U.S. Department of Health and Human Services, 2011.
Eric Jackson’s Bio:
His awareness of long term care came after he experienced first hand the financial and emotional impact that many families live through during the illnesses of his grandparents. In need for continual care his family member was placed in a nursing home.
Eric now specializes in long term care insurance. He is an active member of organizations such as Council On Aging. Eric also participates in community events and fundraising for the Alzheimer’s Association.
Eric is licensed and appointed to sell Genworth Financial Agency, Inc. long term care insurance in AL and TN.
Eric Jackson, CLTC
PO Box 681802 Franklin, Tn 37068
Business: 256 682 5635 AL
Licensed Agent of Genworth
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* To help educate the public about solutions for Long Term Care.
Long Term Care is a difficult subject for most people to discuss. Families do not realize how important Long Term Care insurance can be until they are either uninsurable or actually need Long Term Care. I don’t want that to happen to you!
Eric has been specializing in long term care insurance since 1989. He provides personalized service to every client.
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Affiliated companies include Genworth Life Insurance Company, and in New York, Genworth Life Insurance Company of New York, Administrative Office: Richmond, Virginia.