Although nearly 70% of today’s 65 year olds will eventually need eldercare services, only 10% have purchased long term care insurance to cover this major financial risk.  Very few retirees today either want to or have the resources to purchase such insurance since its cost greatly increases as we age.
The cost of long term care expenses can wipe out your life savings unless you plan ahead.

So what alternatives exist for those without insurance coverage? What government and private programs are available for them?  It can be confusing to figure out.
During my 25 years as a retiree financial consultant, I have observed that very few people truly understand their options (including me, until recently).   For example:

  • Many people think Medicare will pay for long term care, but this is not true.  Medicare is health insurance, and pays for a maximum of 100 days in a nursing home.  You pay the rest.
  • Many people have misconceptions about Medicaid, and what is required to receive it.  Most people can shelter at least one-half to three-fourths of their assets & still receive Medicaid.
  • There is a veteran’s benefit that pays for long term care, but only 5% of eligible people are receiving this entitlement, due to misinformation.  Benefits can be as much as $30,000 per year.
  • There have been major tax law changes in elder care in the past few years, yet few retirees are taking advantage of new tax-saving opportunities that exist.  For example, existing nonqualified annuities can be transferred into tax-free long term care annuities that grow 6% per year.
  • There are new financial instruments and investments available which provide tax-free long term care benefits in addition to tax-deferred interest and estate benefits.  Every dollar invested in a cash account can provide 2 – 3 times as much in tax-free long term care or estate benefits.  In planning for long term care it is crucial that you get the most “bang for your buck.”
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    Hello,

    I'm Leo Vidal! I graduated from the University of Iowa in 1983 with a Doctor of Jurisprudence Law Degree (Or Doctor of Law), I also earned a Bachelors Degree in Economics, as well as a Masters in Accounting!

    Before I founded my firm located in Millersville Maryland, I was a Regional Tax Director for the CPA firm Deloitte & Touche.

    Its been almost 30 years since I graduated from University of Iowa, and over the years I have seen many trends and I have seen many things change. One thing that has stayed constant though is failure to plan.

    Alot of people feel that there is always more time to plan, that it can wait, that it can be put aside, I've got to tell you, you've waited too long already... I can't take back time, but we can fix your future together. Fill out the form below and I'll call you TODAY!!!

    Ellen is retired and single, and her only child lives in a distant state.  Recently she started needing  help dressing and bathing, and realizes she won't be able to live independently much longer. Her income barely covers her current expenses.

    Luckily a few years ago she took some of her life savings and invested it in a tax-free "Asset Care" account that gave her a large amount of long term care insurance without paying premiums.  Now that she needs daily living assistance, within 60 days she'll start receiving a tax-free monthly income of $3,500.

    She will now be able to move into an upscale assisted living community near her home.  And because she decided to purchase the lifetime income with inflation benefit, she knows that she will be able to afford to stay there for the rest of her life, receiving the care she needs.

    Imagine what Ellen's life would be like if she had not planned ahead for the costs of extended care. Its a good thing she called before it was too late!

    Time is running out, fill in the form to the left and Leo will call you personally to help ease the burden of extended care!

    Facts

     '43 of 100 people will spend time in a long term care facility.'

    'The average time spent is 3.5 years.'

    'Medicaid covers no more than 40% of this stay.'

    'The average cost per stay is $200 per day, per resident.'

    Source: AHCPR

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    Would you like long term care benefits but don't want to pay for long term care insurance premiums?
    Now there is a way you can do that.  All you have to do is re-position some of your existing assets to take advantage of some recent changes in the tax laws.  There are several tax and financial advantages for you in doing this.
    Asset-Care is designed to help you protect your assets by using the security of life insurance to provide tax-free and premium-free long-term care benefits. With a one-time deposit into a tax-free cash account, you receive a guaranteed amount of both long term care insurance or tax-free death benefits for heirs.   In addition, the deposit is credited with a guaranteed interest rate (currently 4.1%) and the cash value increases each month.  Your benefits also increase over time.


    Asset Care Features:

    1. Pays LTC expenses at a multiple of cash invested, tax free
    2. Results in tax-free income
    3. Protects other assets from depletion due to LTC expenses
    4. Very effective and tax-efficient way to transfer wealth to succeeding generations.
    5. Must pass health underwriting to qualify
    1. Available through age 80.
    2. Can be funded with CDs, Government Bonds, money market or mutual fund accounts, annuities, life insurance policies, IRAs, or home equity obtained through a reverse mortgage.
    3. Converts taxable assets and income into tax-free long term care benefits or death benefits.
    4. Provides “leveraging” to increase the amount of money available for long term care.
    5. Unused amounts pass to heirs free of income tax, and possibly estate tax.