According to the U.S. Department of Health and Human Services, more than half of US adults age 65 or older are projected to need long term care in an assisted-living facility at some point in their lives.
But just 11% of Americans in this age group own long-term care insurance policies. Actually, the market is in decline because the premiums are too steep, the benefits too low, and the monthly premiums are subject to dramatic increases.
In the past two years many insurance companies have increased premiums by more than 90%, a variable cost that makes planning ahead difficult if not impossible.
At the same time, the costs for long term care today are astronomical. In the Midwest, you could easily spend $6,000 to $7,000 per month for a long term care facility while in home health care is $3,500 to $4,000 per month out of pocket. And costs are on the rise.
In his exclusive KMBZ interview, Bob Lindquist, founder of Safe Retirement Strategies, said fixed index annuities offer an affordable alternative that addresses the long term care crisis.
Inside fixed index annuity contracts from the largest, most stable insurance carriers in the country, you can choose to add long term care protection. In the event that you need to move into an assisted living facility or rely on in home health care, the lifetime income generated from this retirement savings vehicle will literally double for 5 consecutive years.
“If your investment generates $40,000 in annual income for the rest of your life the insurance carrier will automatically double your annual income to $80,000 to cover the cost of long term care,” said Lindquist.
After 5 years you will still continue to receive the initial level of annual income so you don’t lose the opportunity for lifetime income after the long term care funds are used.
“For people who can’t qualify for long term care on the open market because it’s too costly, their health just isn’t adequate or they are older than 65, fixed index annuities give you the opportunity to have coverage that you never thought you could afford in addition to a safe guaranteed income stream for the rest of your life,” he said.
For your introductory guide to Fixed Index Annuities call 913-814-9600.
Safe Retirement Strategies
8900 Indian Creek Parkway
Building 6 Suite 250
Overland Park, KS 66210