It is estimated that 7 out of 10 Americans will have long-term care expenses later in life due to age-related illness or injury.* Paying for these expenses is potentially asset-draining, especially since most long-term care costs are not covered by health insurance or Medicare.
Your local Catholic United Sales Representative can offer you tools that can help you plan for long-term care costs. At a meeting with your local rep, you can discuss the details of these tools, coverage options and how to work a long-term care plan into your current financial plan.
A fixed-rate annuity with long-term care rider can provide approved individuals with up to 3-times the contract value for qualified long-term care expenses. You retain control of your care and your providers, while the rider provides funds to pay for the care not covered by the health insurance and Medicare. If you are one of the rare individuals who don’t need care, the contract value of the annuity can be passed on to your beneficiary, or provide you with retirement income.1
Available on our whole life and universal life insurance policies, the Living Care Rider gives you an option for paying qualifying long-term care expenses. The rider allows for a portion of the policy death benefit to be paid to you to help pay for those expenses after you’ve been diagnosed with a chronic illness.2
Long-term care insurance can provide another way to pay for expenses in the future. Policies tend to be more affordable when purchased in advance of retirement age. Contact your local Representative early in your planning stages to get the best rate.
In this video, Patrick Scanlon of Global Atlantic Financial Group explains current statistics involving long-term care, how costs vary from state to state, and different strategies for funding long-term care that avoid depleting your retirement savings and personal assets. (Duration: 60 minutes)
0:01 – Welcome
2:00 – Intro – Personal Story
6:04 – Is your picture of “long-term care” current with today’s reality?
9:05 – Current LTC Facts and Statistics in America
11:42 – Most Common uses of LTC
17:27 – “Average” Costs of LTC in America – a Helpful Online Tool
22:00 – How do we pay for LTC?
26:40 – The reality – Common funding sources for LTC
33:50 – A Self Funding Option to consider: ForeCare
40:33 – Trends: LTC Insurance vs. Annuities with LTC Riders
41:26 – Who is eligible for ForeCare?
44:00 – Options for funding a ForeCare annuity with LTC Rider
45:40 – Your next steps
47:40 – Q&A
*According to longtermcare.gov
1Catholic United Financial sells the fixed-rate annuity with long-term care rider in partnership with Global Atlantic Financial Group.
2Not available on Single Premium Whole Life Policy. Accessing the benefits provided by this rider will reduce the total death benefit of the life insurance policy. See the rider contact for explicit terms.
3Catholic United Financial sells Long Term Care insurance through the Catholic United Financial General Agency, LLC.