Life Care Funding has launched a long term care funding program designed specifically to help families address immediate senior care situations when they have not done any planning for long term care. The combination of two immediate care funding solutions, Life Care Funding’s Long Term Care Benefit Plan and Genworth Financial’s Income Assurance Immediate Need Annuity, can cover the costs of care for as long as a person lives.
- 10,000 Baby Boomers turn 65 every day and over 70% of them will need to cover the costs of long term care for multiple years as they age.
- The vast majority of Americans do not understand the costs of long term care, and over 75% of people will exhaust all of their resources paying for care within the first year.
- This never before available solution includes two options that will immediately start covering any form of care a person wants:
- Families can convert an existing life insurance policy into a tax-free benefit account that will pay for any form of long-term care service they want.
- Families can purchase a medically underwritten annuity that provides the care recipient with a lifetime of monthly income payments, helping to alleviate the possibility of running out of money for the rest of their life
- Both programs are for people with an immediate need for care and provide the flexibility to choose the monthly payment amounts and the form of care needed, such as: Home Care, Assisted Living, Memory Care, Nursing Home or Hospice.