Long-Term Nursing Care Costs Can Be Overwhelming – Not Anymore

Don't Be Overwhelmed By Long-Term Nursing Care 

A 77-year-old couple came to our firm with one big concern keeping them up at night. They were healthy for their age and had a clear goal: leave as much money as possible to their five grandchildren. But they worried that if they needed long-term care—whether at home or in a facility—their estate could be wiped out.

At 77, they were well past the age where traditional long-term care insurance was an option. They had the usual health issues for people their age and a major hesitation about traditional policies. Their concern? Paying $15,000 a year for long-term care insurance and potentially dying without ever using it, leaving nothing behind for their family. Over 20 years, they could pay $300,000 in premiums without receiving any death benefit.

In my book Smart Financial Grandparenting, I discuss strategies to cut elder healthcare costs in half. This real-life case goes one step further. This can be even further impacted by factors like social security.

This couple used $300,000 from their savings to purchase a long-term care annuity. This single deposit gave them a long-term care policy with benefits worth $661,679.

The best part? If they live to a ripe old age and never use the long-term care benefits, the $300,000 will be refunded to their family as a death benefit. Think about what that could do for education expenses for loved ones. 

For them, this plan was a game-changer—a way to protect their estate while ensuring they’d have the funds for care if they ever needed it. It gave them peace of mind and met their financial goals.

This kind of solution is a major relief and a smart financial move for aging individuals worried about healthcare costs.

If you’d like to learn more or get help from a Smart Financial Advisor, contact us at info@smartfinanciallifestyle.com.