Long Term Care

Provides financial resources and peace of mind should a chronic health condition require extended care...

With nearly 2 in 3 people will require some form of long term care services prior to death, the importance of long term care planning is an essential element in any financial plan.

Staying healthy and active during the “golden years”

Long-term care insurance policies have a benefit period or lifetime benefit maximum, which is the total amount of time or total amount of dollars up to which benefits will be paid.

Common benefit periods for long-term care policies are two, three, four, and five years, and lifetime or unlimited coverage. Other options between five years and lifetime/unlimited coverage are also available from many companies. Most policies translate these time periods into dollar amounts and do not actually limit the number of days for which they will pay for care – just the overall dollar amount that the policy will pay.

There are fewer companies today willing to offer an unlimited/lifetime policy, although some have a “high coverage option” like a $1 million lifetime limit.   (SOURCE:  www.longtermcare.gov)

Long Term Care Insurance:  a type of insurance developed specifically to cover the costs of long-term care services, most of which are not covered by traditional health insurance or Medicare.  (SOURCE:  www.longtermcare.gov)

In addition to traditional insurance options, Vision Advisors also offers Life/LTC and Annuity/LTC hybrid products, which have become increasingly popular among clients due to their flexibility in design and the ability to adapt the use of the product as needed.

The Life/LTC combination products typically provide access to a portion of the death benefit to pay for long term care services under qualifying situations.  The Annuity/LTC hybrid products either provide access to the income benefit directly, or provide additional funding for long term care through some type of enhanced care rider.

American General Aviva Genworth IA American John Hancock LifeSecure Lincoln Financial Medamerica Mutual of Omaha/United of Omaha North American Prudential Sagicor Transamerica
Vision Advisors Inc. and High Street Asset Management are affiliated companies.
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