You may have planned for retirement! However, have you planned well enough? Did you plan to live this long?
Paying for expenses later in life can be challenging, given consumers’ overall lack of preparedness for retirement. Compounding the problem is the risk of needing costly long-term care, and that risk increases as people live longer. Along with that risk comes the concern that retirement savings may not be enough to cover these expenses.
A wide range of financing solutions are available for younger people in good health who want to protect their retirement assets from the risk of extended long-term care. However, for people in their 70s and 80s who are in poor health and find themselves in immediate need of long-term care services, the options are much more limited.
That gap in long-term care coverage is the impetus behind a new financing solution for older Americans in poor health; a medically underwritten single-premium immediate annuity (SPIA). This product is designed for an older demographic in immediate need of care, especially those who didn’t plan or couldn’t qualify for long-term care insurance for age or health reasons.
A medically underwritten SPIA converts assets into guaranteed monthly income that begins immediately, and the care is paid for the rest of the recipient’s life. The income can be used for any purpose, including care, medical expenses or living expenses.
Be careful about thinking that Medicare will pay for your care expenses in an Assisted, Long-term care as well as Memory care as they DO NOT! It is also very important that you and your family are well advised as to the rules, and the laws governing Medicare. As there has been many changes to Medicare under the Obama Administration February of 2011.
Sherrin Rose Financial Services can help you prepare for the unexpected that will occur in life, as well as, keep you and your family well informed concerning Medicare rules and regulations governing Medicare.
We Can help so give us a call!!! We will help you with the solutions that are available to you!