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Wealth Management

It's About What You Need, When You Need It

  • Oppenheimer Life Agency, Ltd.
  • November 14, 2023

One of the biggest risks to your savings can be a long-term care event. If you or a loved one should require Long-Term Care (LTC), it can deplete your assets rather quickly if you haven’t planned accordingly. LTC expenses can range from approximately $20,000 to $108,000 depending on the type of care you need.

Planning ahead with Long-Term Care (LTC) Insurance can help alleviate the cost associated with care by covering a wide range of services, allowing you to choose the type and quality of care that’s right for you.

woman with caretaker

The Three Ways to Cover the Cost of LTC Insurance

Traditional, Stand-alone LTC Insurance
  • Will cover costs associated LTC typically not covered by major medical.
  • If you should require LTC, you will have access to tax-exempt benefits to cover the cost of care.
  • Should you not require care or decide to cancel the policy, you will no longer have access to your benefits and will not be reimbursed for the money you paid into the policy.
Hybrid LTC Insurance
  • Should you require LTC, you will have access to tax-exempt benefits to cover the cost of care.
  • Should you not need LTC, you are able to pass a legacy to your loved ones through a death benefit.
  • If you decide to cancel the policy, you could be entitled to a return of premiums paid.
Life Insurance with LTC Rider
  • Should you require LTC, you will have access to tax-exempt benefits to cover the cost of care.
  • Should you not need LTC, you are able to pass a legacy to your loved ones through a death benefit.
  • If you decide to cancel the policy, you could be entitled to a return of premiums paid.
Quotation from Aenean Pretium

Face Your Future with Confidence

SOURCES DISCLOSURE

Sources

https://www.statista.com/statistics/310446/annual-median-rate-of-long-term-care-services-in-the-us/#:~:text=In%202020%2C%20the%20annual%20average,%2C%20or%20at%2Dhome%20care.

The information contained herein is general in nature, has been obtained from various sources believed to be reliable and is subject to changes in the Internal Revenue Code, as well as other areas of law. This material is for informational purposes only and should not be construed as a solicitation of any particular insurance product or insurance carrier. Insurance is sold through Oppenheimer Life Agency, Ltd. (OLA), an indirect wholly owned subsidiary of Oppenheimer Holdings. Before purchasing a policy of insurance, please review both the insurance carrier and the insurance policy carefully before investing. A strategic alliance exists between OLA and various outside providers whereby products and services may be utilized. Such providers may receive compensation as a result of the strategic alliance. However, the firms are completely independent of each other. This material is not a recommendation as defined in Regulation Best Interest adopted by the Securities and Exchange Commission. It is provided to you after you have received Form CRS, Regulation Best Interest disclosure and other materials. Oppenheimer & Co. Inc. Transacts Business on all Principal Exchanges and Member SIPC. 6092541.1