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4 Ways to Pay for the Cost of Long-Term Care | Ep 28
Manage episode 494941764 series 3637790
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In this episode, Mark Zagurski shares a personal story about his grandmother to underscore the importance of planning for long-term care, which 70% of 65-year-olds will need. He outlines four options to manage these costs: paying out of pocket, long-term care insurance, hybrid policies combining life insurance or annuities, and deferred income annuities like QLACs. Mark explains how each option works, their benefits, and their trade-offs, emphasizing that Medicare doesn’t cover extended care and Medicaid has strict eligibility. He stresses the emotional and financial toll on families and the need for proactive planning.
You’ll learn:
The four main options for funding long-term care and their pros and cons.
Why long-term care insurance can preserve assets for heirs.
How hybrid policies offer flexibility for those hesitant to buy standalone coverage.
The role of deferred income annuities in covering care costs later in life.
The importance of planning to protect your family from the burden of caregiving.
“Long-term care doesn’t just affect an individual; it impacts their entire family.” - Mark Zagurski
Ready to plan for long-term care? Visit www.makeitpersonalpodcast.com to download our eBook and schedule a no-obligation consultation with a Mutual of Omaha advisor.
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This podcast is for educational purposes only and may include references to concepts that have legal and/or tax implications. Mutual of Omaha Investor Services, Inc. does not provide tax or legal advice. Please consult with the appropriate professional regarding your personal situation prior to making any financial decisions. Strategies discussed may not be suitable for everyone. Securities and advisory services offered through Mutual of Omaha Investor Services, Inc. Member FINRA/SIPC. Mutual of Omaha Advisors is a division of Mutual of Omaha Insurance Company.
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