Most people are not familiar with asset-based Long-Term Care (LTC), so they need to know they can reallocate a portion of assets (not needed for current income) into this type of option. When doing so, they create a tax-free income for an extended stay event/LTC that will never be impacted by any future market conditions. Also, if they never need it, it is passed on to the beneficiaries in the form of a death benefit, which is tax-free as well.
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• One-third of today’s 65-year-olds may never need long-term care support, but of that third, 20% will need support for more than five years.
• On average, women need care longer (3.7 years) than men (2.2 years).
• The national annual median costs of care ranges from more than $20,280 a year for five-days-a-week adult day care healthcare services to more than $108,000 a year for a private room in a nursing home.
• Medicare only covers up to 100 days of care in a skilled nursing facility.
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403(b) plan is a retirement account for certain employees of public schools and tax-exempt organizations.
Participants include teachers, school administrators, professors, government employees, nurses, doctors, and librarians.
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