Protect Your Health Care Needs
Long-term care insurance can help keep you at home. Up to 70% of people aged 65 and older will need long-term care to help with everyday activities, such as getting out of bed and bathing. This kind of care can be expensive, but long- term care (LTC) insurance from New York Life Insurance Company helps to cover it should you ever need it.
LTC can take place in your home, your community, an assisted living facility, or a nursing home. Recent events have made it more apparent how important it is to have a strategy in place for long-term care. Consider the effect that a written LTC strategy could have on the five pillars of joyful aging: health, family, social relationships, financial security, and peace of mind.
Costs vary. In Los Angeles, one year of home health care costs $66,997, an assisted living facility costs $78,512, and a skilled nursing facility costs $125,271. The average duration of care is 2.2 years for men and 3.7 years for women.
You must be underwritten for long-term care insurance. Your insurability can change at any time, so if LTC is part of your strategy, don’t delay.
Convert Savings Into Income, Now or Later, With Annuities
You’ve saved for retirement, but will it be enough? Income annuities can help your savings last by turning them into a stream of guaranteed payments, which act like a pension in some ways.
- An immediate income annuity is ideal for people who want to turn a lump sum of money into a predictable stream of income, with payments usually starting within a month.
- A deferred income annuity turns part of your savings into guaranteed income later in life. You make a lump- sum payment (or series of payments) and receive regular income starting at a future date you choose. Your money grows tax-deferred until then.
Your agent can help you choose an annuity that starts paying when you need it to help you retire comfortably.
Contact Dan Jordan, Financial Professional, at 415.606.3240 or [email protected]
