Long Term Care Insurance

Live retirement on your terms.

Is Your Retirement Strategy in Balance?

Some of the more important questions to consider for a balanced retirement might be:

• How do I generate income I can’t outlive?
• How do I pay for long term care costs?
• Who will provide the care that I need?
• What impact would a long term care event have on my family?
• How do I transfer my accumulated assets efficiently?

What is the possibility that me or my
loved one will need care?

Is Your Retirement Strategy in Balance?

Some of the more important questions to consider for a balanced retirement might be:

• How do I generate income I can’t outlive?
• How do I pay for long term care costs?
• Who will provide the care that I need?
• What impact would a long term care event have on my family?
• How do I transfer my accumulated assets efficiently?

What is the possibility that me or my loved one will need care?

A majority of Americans age 65+ (70%) will need
some form of long-term care in their lifetimes.

Of that 70%, 1-in-5 will require
long-term care for more than 5 years.

(Source: “How Much Care Will You Need?” longtermcare.gov
U.S. Department of Health and Human Services – February 2017)

Asset Based Long Term Care

A possible solution for long term care expenses

Paying for long term care can be taxing on a retirement portfolio. In fact, in some ways it may be like creating a second, more expensive household.
Planning ahead for these expenses may make it possible to reduce your out of pocket expenses for long term care.

Schedule a 15 Minute
Long Term Care Plan Review

Bob and Mary are typical retirees. They worked hard their entire lives, saved, and addressed the obstacles to an enjoyable retirement — except one.

Bob and Mary have not prepared for the risk of needing long-term care (LTC).

Bob and Mary are willing to assume the entire risk of LTC themselves based on the options they have been presented. The problem with self-funding LTC comes with its high price tag. While many have a “rainy day” fund, there is no guarantee that it will be enough.

Another approach may be to use the rainy day asset to purchase a much larger pool of dollars that can be used for LTC expenses.

Asset-based long term care protection is whole life insurance that allows access to the death benefit for qualifying LTC expenses. Funding Asset-based long term care protection with a single premium from a source such as a CD, can provide a larger pool of dollars for care, guaranteed cash value accumulation, and if care is never needed, a death benefit to heirs.

It can even provide benefits to both Bob and Mary from a single policy.

Bob and Mary are typical retirees. They worked hard their entire lives, saved, and addressed the obstacles to an enjoyable retirement — except one.

Bob and Mary have not prepared for the risk of needing long-term care (LTC).

Bob and Mary are willing to assume the entire risk of LTC themselves based on the options they have been presented. The problem with self-funding LTC comes with its high price tag. While many have a “rainy day” fund, there is no guarantee that it will be enough.

Another approach may be to use the rainy day asset to purchase a much larger pool of dollars that can be used for LTC expenses.

Asset-based long term care protection is whole life insurance that allows access to the death benefit for qualifying LTC expenses. Funding Asset-based long term care protection with a single premium from a source such as a CD, can provide a larger pool of dollars for care, guaranteed cash value accumulation, and if care is never needed, a death benefit to heirs.

It can even provide benefits to both Bob and Mary from a single policy.

When you own asset-based long term care protection, you can be confident in 3 things:

• Your premium will never increase
• The amount of death/long term care benefits you have is guaranteed
• Your money earns interest with a minimum guaranteed interest rate

With Asset-Based care, there are two ways to pay for protection.

One option is to utilize an existing asset – typically money you currently have in CD’s, savings, annuities, IRA’s or retirement plan funds – as your guaranteed single premium.

A second option is to pay in a more traditional way, making annual premiums that are guaranteed to never increase.

Click here or call us today at 208-898-7696 to learn more

How Much Care Will You Need?

The duration and level of long term care varies from person to person and often changes over time. Here are some statistics (all are “on average”) you should consider:

• Someone turning age 65 today has almost a 70% chance of needing some type of long-term care service and support in their remaining years
• Women need care longer (3.7 years) than men (2.2 years)
• One-third of today’s 65 year olds may never need long-term care support, but 20 percent will need it for longer than 5 years

This table shows that, overall, more people use long-term care services at home (and for longer) than in care facilities.

Type of Care

Any Service Type
In-Home Care
Unpaid care only
Paid care
Any in-home care
Care in Facilities
Nursing facilities
Assisted living facilities
Care in any facility

Avg. Years Care Type Used

3 years
-
1 year
Less than 1 year
2 years
-
1 year
Less than 1 year
1 year

% Who Use Care Type

69%
-
59%
42%
65%
-
35%
13%
37%

Additional Information:

• Choice of assisted living, home health care, nursing home benefits and memory care
• Lifetime coverage is available through an optional rider (additional premium required)
• A way for one policy to cover an individual (single life) or both spouses (joint life)

Tax Information:

• LTC Benefits paid from asset-based long term care protection are income-tax free
• Interest accumulation is tax-deferred
• The life insurance benefit, if not used for LTC, is payable to your beneficiary, federal income-tax free

Products issued and underwritten by The State Life Insurance Company® (State Life), Indianapolis, IN, a OneAmerica company that offers the Care Solutions product suite. Not available in all states or may vary by state. Generally, riders may be optional and carry an additional cost. The long-term advantage of a rider will vary with the terms of the benefit and the length of time the product is owned. As a result, in some circumstances, the cost of a rider may exceed the actual benefit paid under that rider. Any individuals used in scenarios are fictitious and all numeric examples are hypothetical and were used for explanatory purposes only. All guarantees are subject to the claims-paying ability of State Life.

Live retirement on your terms.

Is Your Retirement Strategy in Balance?

What is the possibility that me or my loved one will need care?

Is Your Retirement Strategy in Balance?

What is the possibility that me or my loved one will need care?

A majority of Americans age 65+ (70%) will need some form of long-term care in their lifetimes.

Asset Based Long Term Care

A possible solution for long term care expenses

When you own asset-based long term care protection, you can be confident in 3 things:

Click here or call us today at 208-898-7696 to learn more

How Much Care Will You Need?

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What is the possibility that me or my
loved one will need care?

A majority of Americans age 65+ (70%) will need
some form of long-term care in their lifetimes.