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We have good news and bad news:
The good news is, people are living longer than ever before,
which means more time to enjoy life in retirement. The bad
news is, people are living longer than ever before, which
means some of us will eventually require long-term care.
In fact, it’s estimated that over half of all Americans
age 65 and older will require some form of long-term care,
which could mean anything from bathing, eating and dressing
to full physical assistance provided over a lengthy period
of time. Depending on the extent of the care needed and
the funds available, this care could be provided privately
in the home, or would have to be provided at a residential
care facility or a highly skilled nursing facility.
At KWB Wealth Managers Group, we recognize that the decision
to obtain a long-term care policy for yourself or a loved
one could be one of the most important decisions you’ll
ever make. In our effort to help ensure that you obtain
a long-term care policy tailored to your needs, KWB Wealth
Managers Group makes policies available through the California
Partnership for Long-Term Care. This innovative program
is administered by the State of California in cooperation
with a select number of private insurance companies. A partnership
long-term care policy can benefit you in two vital ways
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1.
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It
helps protect your independence by ensuring your long-term
care expenses are covered. |
| 2. |
It contains
a “lifetime asset protection” feature that
ensures catastrophic long-term care expenses will not
reduce you to poverty even if you run out of insurance
benefits. Thanks to this feature, for each dollar your
partnership policy pays out in benefits you are entitled
to keep a dollar of your assets. |
Additional features of the California Partnership for Long-Term
care:
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Automatic
inflation protection of 5 percent annually to keep up
with the rising cost of long-term care. |
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Care coordination
and monitoring by licensed health care professionals
independent of the insurance companies to ensure development
of a care plan based on individual needs and resources.
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One-time,
lifetime deductible, negating the need for a second
deductible in the event policy benefits are stopped
and then resumed at a later date. |
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Premium
waiver for all days your policy pays for care in a nursing
or residential care facility. |
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Flexibility
regarding the use of home and/or community based benefits. |
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Medi-Cal
Asset Protection to ensure a portion of your assets
are protected should you need to rely on Medi-Cal for
further assistance. |
If you are interested in learning more about your long-term
care policy options, please contact one of our KWB Wealth
Managers. They will be happy to help you find the policy
best suited to your individual needs.
Helpful link: California
Partnership for Long-Term Care
Cost Examples
Non-Partnership vs Partnership
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