Great questions……who needs to be concerned with long-term care?  I don’t think it will happen to me….I told my kids to drive me into the woods and leave me there….

Believe me I’ve heard these……so I want to help uncover the mysteries here and at least give you some answers and things think about….

Why is this an issue? Well…..fact is that 73% of the population will need some form of care…either at home or in a professional facility like a nursing home….

The average stay in a nursing home is 4-5 years…with Alzheimer’s or dementia being an average of 8 years….injuries to the skeletal system can be debilitating and require prolonged care…so it isn’t the serious diseases like cancer that are the cause of long-term care need….most cancer patients don’t linger that long……it is the illnesses/injuries that prevent us from providing basic care for ourselves.

What do these facilities cost?  In the Tri-State area a private room in a nursing home will cost $10-13,000 a month! Who can afford that?…

It can destroy your investments and life savings………assume one has $1,000,000 in their investment portfolio….the market is down 8% when the need for long-term care arises.. now their account has $920,000…..they have to take out another $100,000 to pay for the nursing home….now they are down to $820,000…..next year they would have to earn around 22% just to get back to their original $1,000,000…but next year and the year after they have to do it again…..if you don’t have assets the impact is more devastating.

Won’t Social Security take care of it for me? Yes……for 100 days…then you are on your own.

I heard you can go on Medicaid for this…..true….but Medicaid requires you to spend down or give away assets…..and they require that you begin dong it 5 years before the need arises….they call it a 5-year look back…….it’s not a pleasant prospect.

At INCOME RESOURCE GROUP  we look at this situation like climbing a mountain….during your life you are climbing up…your investment advisor/broker helped you to the summit….a comfortable retirement….this is where most advisors leave you….if you hired a guide for you climb up Mt.Everest and he/she told you that you had to get down the mountain alone….would you feel comfortable with that?   Most climbers die on the way down…….

We at INCOME RESOURCE GROUP consider ourselves to be “up the mountain…down the mountain advisors…..meaning that we can provide you with an income strategy that will be guaranteed (not too many advisors can use that word )….a predictable flow of dollars to pay for qualified long-term care expenses

Other features of our plans….if you are one of the lucky ones who don’t need it…all or a portion of you costs are returned

Our plans cover 2 people with one policy…and the cost is fixed and guaranteed….no surprises..

Will cover qualified expense in a nursing home or in your home…and will certify someone to be a caregiver for you…..

How can I pay for it?  Our plans allow you to pay in one lump sum for the life of your policy…or you can pay annually for 10-20 years…and…you can even fund it with qualified money (IRA/401(k) money…are you already taking RMD’s (Required Minimum Distributions) from your retirement plan?  You can use those proceeds to fund your plan with us….no other product allows these payment options…

So….yes ….you probably do need to talk about this…..the conversation should start when you are in your 40’s…..

Let INCOME RESOURCE GROUP answer your questions…..leaving them unanswered isn’t a strategy…….the problem will affect most of us…it’s just a matter of who pays for it…….

Reach us a (908)419-5170 or info@incomeresourcegroup.com