Women and Long Term Care + Pension Maximization
All the statistics that insurance companies use to figure out the period of time people live points in one direction.... women live longer than men. This being the case, it is very important in the situation where a committed relationship exists between a man and a woman that this fact be taken into consideration when thoughts and plans start to focus on retirement planning from a financial point of view. I have helped many couples focus on the fact that in many situations the female part of the duo will live years past her male counter part. This underscores the need for good planning when insurance and cash needs are evaluated.
Insurance people generally think about what we call " exposures". Exposures are different items that can pop up and derail a person's plans or dreams. In the work I do for people I think in terms of accidents and illnesses and how these " exposures " cannot only derail the fantasy images people have about retirement but I also think about the " financial risk exposure people have when they are living on a fixed income and all of a sudden are confronted with a serious accident or illness.
There are many misconceptions people have about Medicare ( the Federal government programs that do pay for a substantial amount of medical expenses) even though... they don't cover all costs. People's misconceptions about the phrase Long Term Care. Most people when they hear this phrase just think about a Nursing Home. The truth is... a nursing home is the end of the line when it comes to a person needing care. There are two other levels of care that come at a lower cost than a nursing home but could still cause havoc with the financial peace a person on a fixed income ( no matter how good the pension benefit) has as these items are quite costly too.
Our Pension Maximization strategy is a comprehensive analysis of a person's financial preparedness to become a retiree. We help you look carefully at : 1. Social Security benefits you will be entitled to; 2. the best type of Medicare supplemental coverage for you; 3. potential costs of care for you at home or in a nursing home and why relying on Medicaid to pay long term care expenses may not be what you want to do. We also encourage you to consider the wisdom of taking the maximum pension benefit your plan permits and then obtaining the correct form of life insurance to provide for your spouse if you die as they will not receive anything from your pension if you take the maximum payout. The life insurance products we use also provide cash for you if... you don't die but sustain an accident or illness that requires ongoing care. Call me at 631 - 456 - 9363 or email me at jcins@optonine.net if you have questions.