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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?

Tripod
Tripod

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?

Multi-Family_beach

 

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 MinuteLong 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.

SeniorCouple_beach
AssetCare_bargraph_rev-1024x503

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.

SeniorCouple_beach

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.

AssetCare_bargraph_mobile_rev

 

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

Multi-Family_beach2

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.

Table
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.

Registered representatives of and securities products offered through OneAmerica Securities, Inc. Member FINRA, SIPC, a Registered Investment Advisor, 16132 North High Desert Street, Suite 100 Nampa ID 83687 208-461-6800. Insurance representative of American United Life Insurance Company® (AUL) and of other insurance companies.
Madison Poole is not an affiliate of OneAmerica Securities or AUL and is not a broker dealer or Registered Investment Advisor.
Madison Poole has representatives who are licensed and authorized to conduct life insurance business in CO, FL, ID, NV, OR, UT. VA and WY. Madison Poole also has representatives who are licensed and authorized to conduct securities related business in AZ, CA, ID, MT, NC, NV, OR, UT, VA, WA and WY. This website is in no way to be construed as an offer for the sale of insurance or securities products in unauthorized states or countries.
Neither OneAmerica Securities, AUL, Madison Poole, nor their representatives provide tax or legal advice. For answers to specific questions and before making any decisions, please consult a qualified attorney or tax advisor.
Provided content is for overview and informational purposes only and is not intended and should not be relied upon as individualized tax, legal, fiduciary, or investment advice.
Guarantees are subject to the claims paying ability of the issuing insurance company.
Not affiliated with or endorsed by the Social Security Administration, the Centers for Medicare & Medicaid Services, or any governmental agency.

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