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8 Unconventional Ways to Fund Long Term Care


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 8 Unconventional Ways to Fund Long Term Care
8 Unconventional Ways to Fund Long Term Care

8 Unconventional Ways to Fund Long Term Care

According to The U.S. Department of Health and Human Services 70 percent people turning 65 are expected to use at least some form of LTC during their lifespan.

While not every senior, who requires assistance, would need extended skilled nursing care, the expense of such care can severely affect their personal finance. For instance, a semi-private room in a nursing facility may cost about 7,000 USD per month

According to a market expert, long-term care is all about how much loss and how much risks someone can take, and if he/she can afford to take it. Itís all about this outlook. This is the way long-term care should be considered and used. If someone belongs to a family with a number of family members to develop life-altering diseases like Alzheimerís at 65, itís surely recommended that he/she should get prepared for the event well in advance.

And such a scenario, the ideal and probably the best option is buying a long-term care insurance policy that can help defraying the expense of offering the comfort and ease to an ailing family member. However, there are some other (less known) alternatives too! Discussed below are those options which can significantly take the financial burden out of bearing the cost of long-term care.

  1. Single-premium ĎHybridí life insurance (one time lump sum) that includes death benefit, which may be drawn down for paying for long-term care, if needed
  2. Veterans Aid & Attendance gives a benefit usually paid to the low-income veterans or their surviving spouses who otherwise meet service as well as income eligibility along with other criteria
  3. Cash-value life insurance policies allowing partial withdrawal of fund from actual cash value
  4. Deferred annuities like qualifying longevity annuity contracts and deferred income annuities are specifically crafted to ensure guaranteed incomes once the policyholder attains a certain age, usually 85
  5. Health Savings Accounts aka HSAs help users withdraw money from tax-advantaged savings to make payment toward their medical expenditure
  6. Reverse mortgage loan allows homeowners to take a loan against the present value of their property
  7. Withdrawing money from qualified retirement savings like IRAs makes sense during the years of huge medical expenses Ė it would be, however, better to talk to a tax expert to know in detail about deductible so one can reduce or even remove his/her income tax on such monetary distributions

Discussed above are some of those alternatives one can make use of to fund his/her long-term care expenses.

8 Unconventional Ways to Fund Long Term Care


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