Alternative approaches to high cost Long Term Care policies can provide both protection in the event of illness as well as protecting those payments in the event you do not have a need for long term care
If you never need Long Term Care, will a traditional policy still pay benefits? The simple answer: NO – and all of the premium payments you made are lost. According to Milt Belfer,CLU, founding partner of The MB Group, “If you don’t use the coverage, you lose your premiums. Additionally, those premiums you pay can increase during your lifetime.”
In fact, Long Term Care grew more expensive again this past year according to a survey from Genworth Financial, a leading insurance provider. Americans are also paying more for other care options like home health aides and assisted living communities. Private nursing home rooms now come with a median annual bill of $92,378, an increase of 1.2% from 2015 and nearly 19% since 2011. Milt goes on to say “Important to note, Medicare does not cover long term stays, so many families are spending down their assets to pay for care.”
The MB Group’s nearly 40 years of experience has helped them to develop solutions to these problems. They state that new products are now available to provide:
- Lifetime guaranteed level premiums never increase
- Benefits are guaranteed to be paid
- If you have long term care expenses, cash withdrawals from the policy are available
- If you never have long term care expenses, all of the benefits will be payable to heirs upon death in the form of tax free life insurance
For more on this unique solution and other innovative products, you can contact the MB Group or Milt Belfer at 818-879-8600.
About the Author Milt L. Belfer, CLU – Founding Partner of The MB Group
Milt Belfer is nationally recognized for his expertise in designing innovative insurance programs.Since beginning his career in 1978, Milt’s clients have enjoyed the benefits of his innovative, cost-effective life, disability and long term care insurance solutions and his exceptional service.
Corporations and high net worth clients rely on Milt for his ability to be objective and knowledgeable in solving complex problems.
About The MB Group
Since 1978, nationally known law firms, financial advisors, business managers, corporations, professional groups, entertainers and professional athletes have trusted The MB Group to advise them on life, disability and long term care insurance matters.
|Long Term Care|
|How To Avoid Losing All Of Your Long Term Care Premium Payments by Milt Belfer,CLU|
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