Services
Long Term Care
What is Long-Term Care?
Long-term care (LTC) refers to a variety of services designed to help people perform the functions of day-to-day living to help them remain independent. Some long-term care is aimed at providing help with day-to-day activities for people with chronic illness, or cognitive impairment, such as dementia. Other long-term care services may
be rehabilitative, helping someone regain function after a serious injury.
These policies can Pay for Care in your Home, Day Care Center, Assisted Living Facility, or Skilled, Intermediate or Custodial Facility.
On average, one out of three people will need long-term care. The average cost nationwide is $85,000.00 per year. The average need is 3-years. Long-term care is the #1 liability Americans face.
Stand Alone Long Term Care Plans are based on your age, How much you want them to pay per month, elimination periods and how many years of coverage. You also can attach riders such as inflation protection, waiver of premium, and non-forfeiture benefit. The Government has passed wonderful Tax incentives to purchase these plans.
Long Term Care Premiums can be Tax Free
There have been many changes in the law to encourage people to purchase long-term care policies. The premiums of long-term care policies may be tax deductible or using a non-qualified Deferred or Immediate Annuity to pay the premiums can beTax-Free.
The 2007 Partnership Program, which was passed in the State of Florida, provides matching funds. For detailed information, please refer to:
https://ahca.myflorida.com/Medicaid/ltc_partnership_program/index.shtml
It is only by creative planning that individuals can prepare for the high cost of long term care. In the past you your only choice was to purchase a plan and pay in monthly or annual premiums for coverage that may or may not be used.
NEW HYBRID LONG-TERM CARE POLICY
Introducing a New way to pay for Long Term Care Benefits: Using Guaranteed Single or Monthly Premiums coverage for Long-Term Care using the foundation of Life Insurance or an Annuity.
• Lifetime money back guarantee
• Income tax-free long-term care benefits
• Income tax-free death benefit
• Lifetime benefit guarantees
• Interest credits and tax-deferred growth
Gardner and Company has been navigating Legacy, Retirement and Medicare Planning for local seniors since 1974.