As we look back at Hollywood and Broadway stars of today and yesteryear we have fond memories and how they made us laugh, cry, and spend money to do so. We look at them almost as “god-like” status but the truth is they age and have problems just like you and me. Think of the great Frank Sinatra... he was the most famous man in the world in the 1960s and had the world at his fingertips but even old blue-eyes eventually slowed down and his close friends said he developed Alzheimer’s. http://www.nydailynews.com/archives/gossip/sinatra-frankly-friends-mind-article-1.780442
Whether you are a superstar on Broadway or a regular Joe we all put our pants on one leg at a time and have to face uncomfortable facts such as needing long-term care before we die.
How to plan for needing long-term care?
There are many ways to manage your long-term care expenses, but first, you need to know the facts. A great way to figure out how to do this is by doing your research and contacting an insurance agent to help guide you through the motions.
A smart option that will help to manage your expenses and benefit you and your family is to purchase something called a hybrid long-term care insurance rider. This is something that you can purchase with your life insurance policy. This may increase your premium, but it will prevent you from losing your investment if you never have to exercise your policy.
The main reason people purchase life insurance is that they want to be prepared, protect themselves, their loved ones, and their finances. Being prepared for retirement takes planning. Most people are unsure of what they will need in the future, so adding hybrid long-term care insurance to your policy prepares you for the unknown. Being financially prepared takes time, and you want to be sure you have everything taken care of in advance.
The option to purchase a hybrid long-term care insurance plan will protect you from a major financial loss. In addition to protecting you, it will prevent your loved ones from having to cover your expenses or leaving them in a financial rut.
When you add a hybrid long-term care insurance plan added to your life insurance care policy, you accelerate the death benefit to pay for your long-term care expenses. This can be used for at-home care, adult daycare, or nursing home expenses. Any additional care that you may need at any given point. Because so many are living longer than ever before, you need to make sure you are going to be taken care of financially.
Nationwide offers the option for a long-term care rider that you can purchase at the time of your policy. After you qualify for the requirements, benefits are paid income tax-free. If you never end up needing long-term care, and your policy remains in force, then your beneficiaries are able to receive an income-tax-free death benefit. So, while you may never have to use the money for long-term care, your loved ones will still benefit.
By choosing this option, your beneficiaries will receive any of your unused long-term care benefits, or 10% of your base policy’s amount specified, whichever amount is greater. This is the major advantage of adding a long-term care rider to your policy. Your invested money won’t be going to waste, and you will have peace of mind knowing that your beneficiary will be protected financially.
We offer more information and brochures on Nationwide’s hybrid long-term care insurance products, as well as ways to plan for your finances, that you can access on their products and other hybrid long-term care insurance plans at this site found here for all Broadway members. Mention you are a member of the Broadway Association and receive a 5% sponsored group discount.